Oman’s Ministry of Finance has announced the formation of upstream oil and gas company Energy Development Oman (EDO), in order to transfer the government’s 60% stake in Block 6 to EDO, Oman News Agency (ONA) reported.
EDO is wholly owned by the government, and can raise funds independent of the Ministry of Energy and Minerals. Bloomberg reported in November that the new entity could try to sell around $3 billion of bonds in the first half of 2021, citing an anonymous source.
The company will primarily work on projects related to PDO’s Block 6, which is the nation’s largest field, producing around 650,000 barrels per day.
ONA noted that EDO is expected to support the government’s plans to cut costs and boost economic activity.
