BP spent $4.5mn on social investment programmes

Business Wednesday 05/May/2021 17:48 PM
By: Times News Service
BP spent $4.5mn on social investment programmes

Muscat: BP has launched its first socioeconomic review in Oman, highlighting its commitment to the Sultanate as well as its aim to be a leader in the transparency of reporting.

BP Oman president Yousuf Al Ojaili commented, “Oman is a strategically important country for BP and we’re extremely proud of our partnership with the Sultanate and the stories portrayed through this review. Whilst BP’s role as an energy provider is core to what we do and a key contributor to Oman’s economy, our impact is much broader.”

Key 2020 highlights:
$4.5m spent on social investment programmes, with nearly 18,000 people benefitting.
Local contractors developed into internationally competitive companies.
$610 million spent with Omani registered companies (90 per cent of our total spend).
$28.6m spent directly with small and medium enterprises (SMEs) either through direct contract awards or through the third party contracted services.
An average of 4,202 people employed through bp contracts.
85 per cent Omanisation rate, with 50 per cent of leadership team represented by Omanis.

Mohammed Al Rumhy, Minister of Energy and Minerals commented, “Oman’s oil and gas industry is a key part of our 2040 Vision to support energy security and the national economy. Block 61 is a core part of that contribution, one of the Middle East’s largest and most challenging gas fields.

“We are proud of our partnership with bp in the development of this important resource. As well as benefitting from their global experience, and pioneering technologies and approaches – such as green completions – it’s encouraging to see their commitment to Oman’s economy and society.”

The report includes examples of how BP has supported the development of Omani companies, including local drilling contractor Abraj Energy Service who completed its first well stimulation in Block 61 – the largest stimulation completed by the company – and Sarooj Construction company who improved its worker welfare rights with BP’s guidance.

In 2020, BP safely reduced over 148,000 tonnes of CO2e - 111 per cent higher than planned - thanks to a reduced flaring concept called ‘green completions’. BP is the first company in Oman to introduce this pioneering concept. 

BP has had a presence in Oman since 2007 and is a major investor in the country alongside partners OQ, PTTEP and Petronas. In October 2020, BP started production from Block 61’s Ghazeer development safely, with capital discipline and significantly ahead of schedule.