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Date: 1st June 2023
EDO Signs MoU with Siemens Energy in Oman
Energy Development Oman (EDO) and Siemens Energy have joined forces in a groundbreaking collaboration, marked by the signing of a Memorandum of Understanding (MOU), to accelerate Research and Development (R&D) efforts in the Energy sector. The MOU was formalised during a signing ceremony by Eng. Mazin bin Rashid Al-Lamki, Chief Executive Officer of EDO and Khalid bin Hadi, Managing Director of Siemens Energy Oman. The strategic partnership reflects both entities’ shared vision of spearheading innovation and fostering knowledge exchange in sustainable energy solutions.
With a focus on cutting-edge projects, the collaboration aims to explore areas like the Power-to-X hydrogen value chain, decarbonised heat, energy storage, fuel cells as well as blockchain and artificial intelligence applications in Oman’s energy sector. Furthermore, drawing upon their respective areas of expertise, the entities will actively engage in joint research endeavors to drive innovation and create synergies in eco-friendly energy alternatives. EDO and Siemens Energy will proactively explore nascent technology and pilot projects in Oman, with a primary emphasis on pioneering trailblazing solutions that could transform the energy sector.
Date: 3rd December 2020
Establishing Energy Development Oman SAOC
His Majesty Sultan Haitham bin Tarik issued Royal Decree No 128/2020, establishing a closed Omani joint stock company named Energy Development Oman SAOC.
Article I
A closed Omani joint stock company is hereby established in accordance with the provisions of this decree and the attached appendix named Energy Development Oman SAOC.
Article II
This decree shall be published in the Official Gazette and come into force on its issuance date.
Issued on: 17 Rabi Al-Thani 1442
Corresponding to 3 December 2020
Haitham bin Tarik
Sultan of Oman
Published in Official Gazette 1369 issued on 6th December 2020.
Date: 15th August 2021
EDO Successfully Secures US$ 2.5 Billion Financing Transaction
Energy Development Oman (EDO) S.A.O.C. has successfully secured a US$2.5 billion debt financing transaction, attracting an overwhelming market response at competitive rates.
The funding will further support EDO in achieving its key objective of alleviating the Government’s Block 6 funding requirements. The Company is also mandated to create growth; enhance efficiencies and governance in Oman’s oil, gas, and new energies sector; and unlock value through diversification and value chain integration.
The deal was oversubscribed by more than 100%, which is a testament to investors’ confidence in EDO and Oman’s economy.
Date: 29 December 2021
EDO names Mazin al Lamki as CEO
Muscat – Energy Development Oman (EDO) appointed Mazin al Lamki as the chief executive officer in the first quarter of 2022. Eng. Mazin Al Lamki has extensive international experience in executive leadership in the oil and gas sector. Throughout the past 22 years, he held various operational, technical and commercial positions in many companies worldwide. He held managerial positions in sales, marketing, regional management and oilfields in Schlumberger International Oilfield Services in countries such as the USA, Mexico, Brunei, Malaysia, Philippines, Iran, Pakistan, GCC countries and Yemen. Al Lamki started his career as an oilfield construction and maintenance mechanical works supervisor at Petroleum Development Oman. Eng. Al Lamki holds a Leadership Certificate in Senior Executive Leaders Program from IMD in Switzerland, as well as programs in Mergers & Acquisitions and Finance from London Business School. In addition, Al Lamki holds a Bachelor’s degree in Mechanical Engineering from the University of Manchester, UK. EDO welcomes Al Lamki and wishes him all the best in his new position.
Date: 13 June 2022
Establishing Hydrogen Oman
In response to the royal orders of His Majesty Sultan Haitham bin Tariq, Energy Development Oman has established a new company named Hydrogen Oman (Hydrom), a fully owned independent subsidiary of EDO. Working in tandem with ambitious government plans, Hydrom will leverage the sultanate of Oman’s location and abundant solar and wind resources to produce green hydrogen and support the government’s drive to reduce the carbon footprint and achieve the decarbonization targets.
Date: 22 August 2022
Fitch assigns 'BB' rating to Energy Development Oman
Energy Development Oman receives a ‘BB/Stable’ rating from the Fitch Credit Rating Agency, the same credit rating of the Sultanate.
Fitch also assessed EDO’s Standalone Credit Profile (SCP) at ‘bbb’, supported by large-scale oil and gas operations and low advantage.
The inaugural assessment by Fitch Ratings is another milestone in EDO’s development, as it serves to enhance the status of Oman’s hydrocarbon and alternative energy sectors as attractive spheres for investment and financing. Furthermore, the rating increases transparency and comparability for debt investors and capital market participants active in the Sultanate of Oman.
Commenting on the credit rating, Sultan bin Ali al Mamari, Chief Financial Officer – of EDO, stated, “This assessment by Fitch is a recognition of EDO’s financial strengths as well as the prudent fiscal management of the economy by the Omani Government. In addition, the rating provides a firm platform to attract multiple forms of investment into the country.”
“As a landmark achievement for EDO, this is an important step towards our objective of leading the energy transition in alignment with Oman’s Vision 2040,” the CFO added.
Fitch views EDO’s socio-political implications of default as ‘Strong’. The oil and gas sector represents a significant part of the Omani economy, with EDO’s Block 6 concessions accounting for a large portion of the nation’s total oil and gas reserves. Furthermore, EDO in one of the largest corporate employers in Oman.
Fitch also noted that EDO has a high degree of cash flow besides having new outstanding debts in the short term.
Date: 19 September 2022
Energy Development Oman receives a Norway Delegation
In continuation of its endeavours to maximize value in the new energy sector in which the Sultanate of Oman has a competitive advantage, and in line with global efforts to reduce emissions, Energy Development Oman hosted a Norwegian energy delegation that visited the Sultanate of Oman recently.
The visiting Norwegian delegation organized a workshop that included presentations by a number of energy experts in Norway on the technologies of the energy industry and its production at the global level. The workshop was attended by Thomas Lid Ball, the non-resident Norwegian ambassador to the Sultanate of Oman, in addition to a number of beneficiaries, stakeholders and representatives of a number of Omani companies. During the session, the participants shared views and visions on the energy sector locally and regionally.
Commenting on the workshop, Mazin bin Rashid Al Lamki, CEO of Energy Development Oman, said: “Energy Development Oman looks forward to seizing the available opportunities and establishing strategic partnerships with the private sector and international investors. This workshop underscores our ambitions to enhance the efficiency of the existing assets while investing in new energy sectors. This will help us in building a sustainable future.”