PDO outlines gas investment plans
The NOC will invest between $1.5bn and $2bn over next year
Petroleum Development Oman (PDO) has outlined plans to make significant investment into its gas exploration efforts.
The national oil company (NOC) said it would be investing between $1.5bn and $2bn over the next year.
"We are currently producing some 90mn cubic feet, but from next year we are going to invest between $1.5bn and $2bn for gas exploration," Raul Restucci, PDO's managing director told Times of Oman.
PDO is the biggest oil producer in Oman but is also producing crude oil at an average of 550,000 barrels per day.
“Oman is faced with the challenge of tight oil and gas but with new technology, PDO is accepting the challenge and we have been very successful at it,” Restucci added.
PDO has recorded an average production of 1.25mn barrels of oil equivalent per day in 2013 and added 317mn barrels of oil reserves.
The company is heavily spending on Enhanced Oil Recovery (EOR) programme to make up for the extra oil production.
PDO's productions in 2013 came from four major EOR developments at Marmul, Qarn Alam and Harweel.
In addition, the company has EOR pilots at Fahud, Lekhwair, Nimr, Al Noor, Marmul, Amin and Ghubar.