The Ministry of Finance on 6 December confirmed widely anticipated plans to set up a new holding company for the sultanate’s most valuable assets. Energy Development Oman has been set up via Royal Decree No. 128/2020; it will take over the government’s 60% stake in Block 6, which has a production capacity of 650,000 b/d and accounts for around 75% of total crude reserves. The government’s holding is currently in the hands of Petroleum Development Oman (PDO), its longstanding venture with partners led by Royal Dutch Shell.
Subscribe to Gulf States Newsletter