Oman Oil E&P to invest up to $4bn to boost output
COO, Suleiman al-Zakwani says low oil prices are an opportunity
The COO of Oman Oil’s exploration and production arm has said the company plans to invest up to $4bn to boost output over the next five years, adding that low oil prices represent an “opportunity”.
"For us, low oil prices are an opportunity. We have ambitions internationally to acquire companies and enter joint ventures,” Suleiman al-Zakwani said, according to a report by Reuters.
Oman Oil Company Exploration & Production (OOCEP) has increased output, despite the dramatic fall in prices.
"We are very active in trying to grow the portfolio, there are a lot of companies out there under stress and looking for someone to bail them out," Zakwani commented.
"We plan to spend between $2-4bn," he said, adding that OOCEP was looking at opportunities in the Middle East, south Asia and mainland Europe, and would be raising its own funds for expansion from Q1 of 2016.