PDO to invest US$11 billion in new oil projects

PDOPDO accounts for around 70 per cent of Oman’s crude oil production and nearly all of its natural gas supply. (Image source: PDO)Petroleum Development Oman (PDO) is likely to invest more than US$11bn for a number of new oil projects over the next 10 years, it has announced

According to Raoul Restucci, managing director of PDO, the investment will help develop more than one billion barrels of oil — part of the majority government-owned company’s strategy to sustain long-term hydrocarbon output.

“Between now and 2022, there will also be 16 significant new projects comprising more than US$11bn of investment and targeted at developing more than a billion barrels of oil,” Restucci said in the company’s newly released annual report for 2012.

The total production of hydrocarbons in 2012 was reportedly the highest in Oman’s history at 1.24mn barrels of oil equivalent per day (boepd). This exceeded the previous best of 1.21mn boepd in 2001, Restucci added.

PDO’s contribution to the national oil output averaged 566,305 bpd, surpassing the company’s long-term plateau target of more than 550,000 bpd, the company said.

Daily production of non-associated and associated gas was 582,500 boepd, with condensates at 92,500 bpd, PDO revealed.

“The combined yield meant it was the fifth successful year that PDO increased its aggregate production figure,” the managing director added.

PDO accounts for around 70 per cent of Oman’s crude oil production and nearly all of its natural gas supply. The company currently has approximately 750mn barrels of hydrocarbon resources under development, with a portfolio of around 600 schemes scheduled for implementation over the next 10 years.

Restucci added that PDO remains focused on its goal of achieving sustainable long-term production targets, underpinned by the optimal exploitation and development of hydrocarbon resources within its Block 6 concession.

“We are proud to have achieved a reserves replacement of 203mn barrels of oil reserves booked against 206.8mn of production. With regards to gas, 27.1bn cubic metres of reserves were matured against 280bn cubic metres of gas production,” he said.

 

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