GOING BEYOND CONVENTIONS
Duqm, located in Oman’s Al Wusta coast, has long been poised to be a crucial player in Oman’s economic diversification strategy. The region is being kitted out to attract foreign investors and emerge as Oman’s major logistics and industrial hub. The Port of Duqm, which started its soft operations in 2012 has grown exponentially during the last couple of years and is one of the key drivers of this diversification strategy. The first phase of the port is said to be completed by 2020 and will include a multipurpose terminal, dry bulk terminal and early operations container terminal, all of which are indispensable to port operations. This will be followed by construction of phase two, which would be completed between 2025 and 2030. In this issue, OGR managed to bag a quick interview with the CEO of Port of Duqm, Reggy Vermeulen, and ask him a few quick questions about the status of operations. Read the entire cover story on Pg. 12
The oil price collapse in June 2014 triggered a wave of cost reductions across the industry. Global oil and gas (O&G) companies slashed CapEx spending by 40% between 2014 and 2016. Because of the downturn, projects worth a total of $620 billion are estimated to have been deferred or cancelled through 2020. The past three years have driven O&G companies to adopt new operating models to combat low oil prices, which have been centered on reduced workforces and less capital expenditure. In light of this, Katie Cook, Sr. Vice President - Industrial, Energy & Natural Resources BU – Cyient, explains how emerging technologies like VR & AR are revolutionising the oil and gas industry (Pg. 22)
Apart from emerging technology, this issue also looks at current market trends and predictions for 2018 (Pg. 20); the industry scenario in the Middle East (pg. 29); as well the latest energy updates (Pg. 32).
Enjoy reading the issue!