(MENAFN- Muscat Daily) Muscat- Occidental Oman (Oxy Oman) has signed two oil field service contracts with local Omani companies as part of Oxy Oman's in-country value (ICV) strategy that aims to maximise the company's contribution to social and sustainable economic development in the sultanate.
The signing ceremony was held at Oxy Oman headquarters in Ghubra, a press release said.
Stephen Kelly, president and general manager of Oxy Oman, Sayyed Mohammed bin Ali al Said, CEO of Value Engineering Centre LLC (VEC), and Khamis al Hinai, CEO of Hormuz Energy Services (HES) were signatories for their respective organisations.
The first contract was signed with VEC. Under this multi-year contract, VEC will provide engineering support services for capital projects in Mukhaizna, Oxy Oman's flagship oil field. VEC will also provide engineering support to the operations team in the field.
The contract with VEC was signed as part of ring-fencing procedure, which is an ICV approach for dedicating a certain percentage of scope to be bided among local companies in order to give a chance to increase the market share of the local companies.
The second contract was signed with (HES). Under this multi-year contract, HES will provide Oxy Oman with rented centrifuges and solid control engineering services, which are important to control the quality and efficiency of drilling fluids system.
The contract signed with HES comes as part of Vendor Development Program, which is an ICV initiative aimed to develop local companies into a new capacity where very limited local companies are currently delivering.
'The contracts reaffirm our long term commitment to enhance the collaborative efforts of the oil and gas industry to efficiently develop a competitive Omani supply chain. We strongly believe that this will increase investment in the country and guarantee the constant prosperity and diversification of its economy,' said Kelly.
'We are committed to develop and grow our investment and to support Oxy Oman to achieve its long-term goals,' said Said, CEO of VEC.
'It is a great opportunity for Hormuz Energy Services to work with Oxy Oman. This will allow us reach our common goals and work together to serve Oman and will enable us to grow regionally,' said Hinai, CEO of HES.
The signed contracts are part of Oxy Oman's endeavour to support programmes that foster economic development under the umbrella of strategic partnerships and continuous collaboration with key stakeholders.
MENAFN2605201801410000ID1096910428
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.