Petroleum Development Oman (PDO) recently signed a memorandum of understanding (MoU) to receive training and consulting services on corporate governance and sustainability from the Oman Centre for Corporate Governance and Sustainability ( OCCGS).
“PDO has always been committed to being a good corporate citizen, putting honesty, integrity and fairness at the center of everything we do," PDO Managing Director Raoul Restucci said. "We believe in transparency and accountability and this is another step forward in our efforts to ensure compliance to business ethics and anti-corruption policies. This agreement will enable us to benefit from the services provided by OCCGS to reinforce governance and sustainability and to work with our contractors to embed best practices both in their dealings with us and with their own personnel.”
The tangible results of the training will be quantified in training manuals outlining new policies that PDO will implement to support a more sustainable and ethical business. Other companies working within PDO's concessions will also be exposed to the policies.
"We are delighted to sign this (agreement) as it is a positive step for the energy sector especially in light of the present challenges and risks arising from the economic conditions experienced by the Sultanate," OCCGS Executive Director Sayyid Hamid Al Busaidi said. "The OCCGS plays a leading role in supporting the national economy by providing governance services, and this MoU shows the high level of awareness in PDO regarding this issue. We hope that other institutions will follow PDO’s example."
PDO accounts for approximately 70 percent of Oman's crude oil production and close to all of its natural gas production.