Petroleum Development Oman to help create job opportunities for 21,000 locals

Above, a Petroleum Development Oman facility near Muscat. (Reuters)
Updated 21 March 2019

Petroleum Development Oman to help create job opportunities for 21,000 locals

  • ‘We aim to create 21,000 job opportunities in 2019, and we are confident that we can achieve that number’

DUBAI: State-owned Petroleum Development Oman expects to create 21,000 job opportunities for Omanis this year through the oil exploration and production company’s training opportunities and other undertakings.

“We aim to create 21,000 job opportunities in 2019, and we are confident that we can achieve that number. These are real opportunities that lead to direct employment once the training is completed,” Raoul Restucci, the managing director of PDO, told the Times of Oman.

“A lot of the opportunities we are promoting today exist outside the oil and gas sector, whether it be in tourism, manufacture or logistics. While some of these jobs will be created by PDO, many of the Omanis will be employed by other organizations once they complete their PDO funded on-the-job training.”

The prospective jobs would be spread across multiple sectors – from oil and gas, manufacturing, tourism to logistics – as PDO works with the government in pushing the Omanization agenda.

PDO’s Restucci noted the company has already created more than 5,000 job opportunities so far this year. Meanwhile, the Omanization rate for PDO has reached 81 percent and the company’s target is to reach 90 percent by 2020.

“… the oil and gas sectors are highly Omanized, and where you have expatriates, is where you have a gap in skills, or more likely, experience,” Restucci said.


WEEKLY ENERGY RECAP: Keeping things in balance

Updated 08 December 2019

WEEKLY ENERGY RECAP: Keeping things in balance

  • The over-compliance will result in cuts of 1.7 million bpd

Brent crude rose above $64 per barrel after OPEC+ producers unanimously agreed to deepen output cuts by 503,000 barrels per day (bpd) to a total 1.7 million bpd till the end of the first quarter of 2020.

The breakdown is that OPEC producers are due to cut 372,000 bpd and non-OPEC producers to cut 131,000 bpd.

Current market dynamics led to this decision as oil price-positive news outweighed more bearish developments in the US-China trade narrative that has weighed on oil prices throughout the year, with US crude exports rising to a record 3.4 million bpd in October versus 3.1 million bpd in September.

OPEC November crude oil output levels at 29.8 million bpd show that producers were already overcomplying with its current 1.2 million bpd output cuts deal by around 400,000 bpd. 

The over-compliance will result in cuts of 1.7 million bpd, especially when Saudi Arabia continues to voluntarily cut more than its share.

This makes the agreed 1.7 million bpd output cuts pragmatic since it won’t taken any barrels out of the market.

It isn’t a matter of OPEC making room in the market for other additional supplies from non-OPEC sources, as OPEC barrels can’t be easily replaced.

Instead, this is about avoiding any oversupply that might damage the global supply-demand balance.

Saudi energy minister Prince Abdulaziz bin Salman has effectively kept his promise and managed to smoothly forge a consensus among OPEC and non-OPEC producers.

He has also successfully managed the 24-country coalition of OPEC+ including Russia in reaching an agreement.

Despite suggestions otherwise in recent coverage of the Vienna meeting, the deeper cuts announced on Friday have nothing to do with the Aramco IPO. Let’s remember this meeting was scheduled six months ago and the IPO has been in the works for much longer.

The Aramco share sale did not target a specific oil price. If that was a motivating factor it could easily have chosen another time.