PDO signs hoist contracts worth US$800 million

Petroleum Development Oman (PDO) has Omanised its hoist fleet for the first time in its history after agreeing contracts with five local companies worth more than US$800 million.

The Company signed the 10-year deals at the Oil and Gas West Asia (OGWA) Exhibition and Conference at a special ceremony held under the auspices of His Excellency His Excellency Mohammed Al Zubair, His Majesty’s Adviser for Economic Planning Affairs.

The five Omani firms – Abraj Energy Services, MB Petroleum Services, Cactus Premier Drilling Services, BaOmar Oil Field Services and Mideast Integrated Drilling & Well Services Company (Midwesco) – will provide work-over services on wells in PDO’s concession area, including modification, repair and maintenance, suspension and abandonment.

PDO External Affairs and Value Creation Director Abdul-Amir Al Ajmi said: “These contracts represent an important milestone for us as we deliver on our In-Country Value (ICV) commitments for the country.

“For the first time in our history, our entire hoist fleet is fully owned and operated by Omani companies, underlining our effort to retain more of the wealth of the oil and gas industry in the Sultanate.