PDO to increase annual investment in local companies to $3bn by 2020 

(MENAFN - Muscat Daily) Petroleum Development Oman (PDO) will increase its investment in local Omani companies to US3bn per annum by 2020 from US1.2bn annual investment in 2011 and 2012, according to the managing director of the company.On Wednesday, PDO signed a series of substantial contracts worth US290mn with three of its Super Local Community Contractors (SLCCs) as part of its in-country value (ICV) drive.Speaking to reporters after contracts signing ceremony, held under the auspices of H E Dr Mohammed bin Hamad al Rumhi, Minister of Oil and Gas at the ministry, Raoul Restucci, managing director, PDO, said that the company is targeting an annual growth of US100mn in investment in local Omani companies' services and US100mn annual growth in investment in goods manufactured by Omani companies.He said, ''The total spending on contracts given to local companies has been around US1.2bn in 2011 and 2012 and we are targeting to increase it to US3bn by 2020.''The spending on contracts given to the local contractors is a very significant part of PDO's business.''In the next few years a very significant portion of PDO's total capital expenditure is going to be spend on Super Local Community Contractors.''When asked about PDO's total oil production this year, Restucci said, ''The production has been growing and this year PDO expect to deliver the highest production ever.''On Wednesday, PDO signed a US110mn contract for well intervention services with Al Sahari Oil Services Company to cover the southern part of PDO concession for ten years.The company awarded a US90mn hoist services contract to Al Shawamikh Oil Services Company, while it also signed a US90mn hoist services contract with Al Baraka Oilfield Services Company on Wednesday.