The Journey of ICV

In an effort to maximise the industry’s contribution to social and economic development in the country, the Ministry of Energy and Minerals decided to form the In-Country Value (ICV) committee marking the beginning of the journey of ICV. The objectives behind setting up the committee was to group government representatives and executives from the oil and gas sector, with a key role in providing guidance and governance to ICV development in Oman and raise opportunities while coordinating the efforts of the industry.
 
The committee is also supported by two sub-committees acting as the custodians of key ICV development areas in the oil and gas sector. The first being the Contracting & Procurement (C&P) Managers Sub-committee focused on any business related opportunities covering the sourcing of goods and services (supply chain elements), while the second being the Human Resource (HR) Managers Sub-committee dedicated to championing and promoting human resources development for the industry.
 
The government and the oil and gas industry have already launched initiatives aimed at developing ICV with successful results. Those initiatives tackle several areas, such as workforce development, increase of local sourcing of goods and services, as well as enhancement of the business environment to support local businesses and foreign direct investments.
 
The industry has also set on making ICV a priority and part of the initiatives that have been launched cover implementation of a joint supplier registration system, standardization and inclusion of ICV in tenders and defining reporting and monitoring system for ICV.
 
Moreover, the industry acknowledged that further efforts are needed to stimulate the development of ICV to actively support the country’s ambition to achieve its objectives set forth in the 2020 vision. However, as a key and indispensable prerequisite, a collaborative commitment and involvement of operators are required, thus an industry wide initiative for the ICV development programme was defined and launched following a comprehensive study to review the ICV blueprint strategy across the oil & gas sector.
 
The aim of this review was to build on the successes to date by identifying new pan industry development opportunities and future local workforce requirements with the objective to almost double the oil and gas industry current ICV contribution.