MUSCAT: By the end of June 2024, Energy Development Oman (EDO) reported an income of over RO 3 billion. This follows the upgrade of Oman’s sovereign credit rating by Standard & Poor’s from “BB+” to “BBB-”, aligning the company’s rating and enhancing its financial prospects.
Eng Sultan bin Ali al Maamari, CFO, stated that this rating boost will allow the company to secure better financing rates and expand its investor base for sukuk and bonds. The company’s income reached RO 6.3 billion in 2023, contributing 22% to the GDP.
Positive financial results in the first half of 2024 showed an income of RO 3.2 billion, with a maintained investment programme of RO 1.5 billion focused on oil and gas sectors. Daily production from Block 6 increased to 674,000 barrels, up from 651,000 last year.
The company's sukuk issuances were well-received, attracting RO 750 million. COO Eng. Azhar bin Ahmed al Kindi highlighted ongoing initiatives to enhance operational efficiency and community support, reflecting a commitment to sustainable development.
With Omanisation rates exceeding 80%, the company is dedicated to fostering local talent and leadership in the sector. Oman Energy Development is fully owned by the Government of Oman, holding significant stakes in key concession areas. — ONA
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