Oman oilfield ICV spend targeted at $3.5bn: Report
The amount maybe spend on local content development in the form of 'Omanisation', training, and patronisation of locally sourced goods and services
Oman’s oilfield in-country value (ICV) generation has been targeted at about 32% of the sector's total oil and gas expenditure in the year 2020, which roughly equates to $3.5bn, according to a report.
It maybe spend on local content development in the form of ‘Omanisation’, training, and patronisation of locally sourced goods and services, said the Oman Daily Observer report.
ICV is the total spend retained in-country that can benefit business development, contribute to human capability and stimulate productivity in the Omani economy, it said.
The target does not include commitments envisaged by Oman LNG and Orpic, which are expected to make significant pledges towards local content development, Salim bin Nasser Al Aufy, Undersecretary at Oman's Ministry of Oil and Gas, was quoted as saying.
Al Aufy also warned that oil and gas producers and contractors will be required to demonstrate that their ICV commitments translate into 100% local content development.