Oman’s undersecretary at the Ministry of Commerce and Industry said the Sultanate should focus on developing its offshore industry.
Speaking on the sidelines of the first Offshore Development Oman conference, Ahmed bin Sulaiman bin Saleh Al Maimani also said that more attention should be paid to diversifying the economy.
The highly dependent on oil revenue country was urged to diversify its economy and do more to raise contribution from other sectors to its gross domestic product (GDP).
He was speaking on the sidelines of the first Offshore Development Oman conference, which began at Al Bustan Palace Hotel on Tuesday and concludes on Wednesday.
Al Maimani told Times of Oman that considering the decline in oil prices, foreign investment and reducing subsidies as well as the development of non-oil sectors such as manufacturing, tourism, construction and trade can help generate additional revenues.
Over 200 international and regional offshore oil and gas sector experts participated in the two-day event due to conclude in Muscat today.
Themed ‘Unlocking and capitalising on the Sultanate’s booming offshore hydrocarbons sector’, the conference discussed the underexplored hydrocarbon sector in the Sultanate, its offshore potential for exploration and production, and opportunities for developing offshore oil and gas fields.
Great emphasis was also put on the benefits the offshore sector could bring to other industries in the Sultanate.
The offshore conference was organised by Global Exhibitions and Conferences (GEC), with support from the Ministry of Oil and Gas.
