PDO production levels soared in 2011

PDO_production PDO's production last year touched the second highest combined levels in its history.PDO's 2011 production reached the second highest level in its history with production levels hitting 1,206,000 barrels oil equivalent per day (boe/d).

"PDO has delivered stable oil production and increased gas supply consistent with its short and long term objectives of providing a significant and sustainable energy and revenue stream for the benefit of the Omani national economy and its people," PDO Managing Director Raoul Restucci said at the  company's Annual Media Briefing held in Muscat.

Daily production

Daily oil and condensate production in 2011 stood at 549,280 and 93,600 barrels per day respectively and non-associated and associated gas production at 463,000 and 85,000 barrels of oil equivalent per day respectively.

Successful year

PDO also announced a successful year in terms of exploration and reservoir development with a number of new potentially significant oil and gas opportunities and reserves additions. PDO's exploration emphasis in 2011 shifted to unconventional plays.

Unconventional opportunities

Raoul highlighted the emergence of unconventional tight oil and basin centred gas opportunities. In addition, field development and recovery optimisation studies added 266 million barrels of oil reserves and 1 TCF of gas reserves (for a combined 450 million boe).

Raoul further added that "the extensive inventorisation and field development work has resulted in a Reserves Replacement Ratio (RRR) of 1.26, well in excess of 2011 production, while the encouraging unconventional results are expected to underpin longer-term production opportunities after extensive appraisal, testing and maturation work.

"Our work this year has laid the groundwork for sustained production and recovery optimisation," Raoul concluded.

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