Report Flags Gaps in Oil and Gas ICV Enforcement: What It Means for Investors and Business Owners in Oman
MUSCAT, OCT 20 – Oman’s State Financial and Administrative Audit Authority has identified significant inconsistencies in the implementation of the In-Country Value (ICV) programme among oil and gas companies. The audit revealed that many firms are not uniformly applying the ICV guidelines, leading to disparities in compliance and reporting standards.
This finding underscores the urgent need for enhanced regulatory oversight and standardized application of the ICV framework to ensure the intended economic benefits are fully realized within Oman’s local market. The authority’s report calls for corrective measures to align all operators with the programme’s objectives, promoting transparency, accountability, and greater contribution to the national economy.
Special Analysis by Omanet | Navigate Oman’s Market
The State Financial and Administrative Audit Authority’s discovery of inconsistencies in oil and gas companies’ application of the In-Country Value (ICV) programme signals the need for stricter regulatory oversight and standardized compliance measures. For businesses, this highlights an opportunity to align with government priorities on local content and transparency, while investors should consider the risks of non-compliance and potential policy shifts that could impact operational licenses or contracts. Smart entrepreneurs can leverage this by developing compliant, value-adding solutions that enhance local industry participation and mitigate audit risks.