Energy Development Oman – abbreviated as EDO – which is a 100 per cent state-owned establishment that aims to sustainably develop the oil, gas, and energies sectors in the Sultanate revealed its brand identity, corporate vision, and logo today [December 19].
In a tweet by the company’s handle, it revealed: “We are pleased to announce the launch of Energy Development Oman’s brand identity by unveiling our corporate vision & logo, which reflects our approach to energy and sustainability.
It added: “Follow us on our journey to develop the future of Oman’s energy through our social media platforms.”
Issued under Royal Decree No. 128/2020, the company was formed with the purpose of transferring government stake in Concession Area 6 to EDO.
We are pleased to announce the launch of Energy Development Oman's brand identity by unveiling our corporate vision & logo, which reflects our approach to energy and sustainability.Follow us on our journey to develop the future of Oman's energy through our social media platforms. pic.twitter.com/aaCE8fhLTm
— Energy Development Oman (@EDO__om) December 19, 2021
In August 2021, the company successfully secured a US$2.5 billion debut financing transaction, which attracted an overwhelming market response at very competitive rates.
The funding was to support EDO in achieving its key objective of alleviating the Government’s Block 6 funding requirements. The deal was oversubscribed by more than 100 per cent which was a testament to investors’ confidence in EDO and Oman’s economy.
EDO is tasked with the collection of oil and gas revenues, payment of capital expenditures and operational expenditures of annual production, and development of the oil and gas sector.
It will also develop and expand the sector and pump more investments to bolster financial and economic returns of the state, thereby keeping PDO oil and gas expenses out of the general budget, which will enable the company to enjoy financial independence.
This way, EDO can fund its own economically feasible development projects and reflect the actual value of this sector, which will have a positive effect on indicators of financial performance.
It is also expected to reflect positively on PDO, allowing it to carry out investment projects without dependence on the State Budget.
EDO is expected to upgrade the performance of management of the oil and gas sector, support government plans on cost-cutting and increasing economic activity, as well as the in-country added value of petroleum activities.
