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Both Oman’s Ministry of Oil and Gas, and top producer Petroleum Development Oman are adamant that the lower oil price environment has not, and will not, slow output growth plans. If anything, they are accelerating.
Petroleum Development Oman (PDO), the sultanate’s biggest hydrocarbons producer by some margin, has taken on the challenge put to it by the Ministry of Oil and Gas (MOG) late last year, confirming this week that it is working towards a new sustainable 600,000 b/d crude oil production plateau target by 2019.
This new target would eclipse the existing 550,000 b/d plateau introduced back in 2008, which was aimed at both arresting an alarming 280,000 b/d eight-year decline in crude output to 2008, and extending the lives of some of the company’s most prolific fields. (CONTINUED - 1304 WORDS)