Remarkable celebration: ‘Honorarium Medal is a reaffirmation of the incredible talent all around me and the great support from all our stakeholders’: Restucci
BUSINESS REPORTER -
MUSCAT, MARCH 31 -
Raoul Restucci, Managing Director – Petroleum Development Oman (PDO), received earlier this week the Honorarium Medal from His Majesty Sultan Haitham bin Tarik in recognition of his prominent role in leading the Company in the past decade and his outstanding contribution and achievements in the energy industry.
The medal was presented on behalf of His Majesty by His Highness Sayyid Asaad bin Tarik al Said, Deputy Prime Minister for International Relations and Cooperation Affairs, Personal Representative of His Majesty the Sultan.
In a brief Q&A interview, Restucci described the Royal honour as a source of great pride, as well as recognition of PDO’s contribution to the nation.
Q: Could you please tell us what it means for you to receive such an order?
MD: To receive the special recognition by His Majesty is a source of great pride for my family and the undersigned and a remarkable celebration of the contribution of PDO and its employees as we work to serve the nation as best we can. It’s a reaffirmation of the incredible talent all around me and the great support from all our stakeholders.
Q: Can you highlight PDO’s latest achievements?
MD: We continue to raise oil and condensate production and provide swing gas to meet domestic and export demands. We have reduced our unit production costs to ensure greater competitiveness and resilience in increasingly uncertain and volatile markets.
We have achieved major reductions in our CO2 footprint, and committed to Net Zero Emissions by 2050, with significant year on year reductions targeted in our 5-year business plan.
By Royal Decree, Energy Development Oman (EDO) was established as a holding company for PDO, enabling non-government recourse funding and the accelerated pivoting to renewable energies, scope for which Oman is very well positioned and endowed with.
We continue to champion In-Country Value as a strategic imperative and alongside partners Oman LNG, OQ and OPAL, have progressed a maintenance turnaround integrated work programme for the entire up/mid-downstream sector that will enable increased Omanisation and local supply chain opportunities.
Q: What are the future goals that you are planning to achieve in order to serve the Petroleum field and that will ultimately help serve the 2040 vision of Oman?
MD: Our two-pronged strategy focuses on delivering top quartile lowest carbon and lowest cost in the industry and accelerating the energy transition.
On the former, our goal is to continue to be a key source of revenue and opportunity for the Sultanate, while pervasively implementing policies, processes and technologies that will continue to reduce CO2 and other emissions while concurrently progressing nature-based solution offsets.
On the latter and for both PDO and EDO, we have identified many renewable energy projects that will deliver low cost, sustainable energy and domestic employment opportunities for decades to come. We continue to partner with many ministries in support of Oman Vision 2040 and our combined Lean and digital management enablers are unleashing increased levels of productivity and value creation.
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