Oman’s biggest oil producer Petroleum Development Oman (PDO; Oman 60%; Shell 34%; Total 4% Partex 2%) announced earlier this month that its largest-ever investment – the Rabab Harweel Integrated Project (RHIP) – was completed. Initial production has started at six sour gas wells.
PDO Managing Director Raoul Restucci says “Rabab Harweel is a world-class addition to our portfolio, coming in ahead of plan and well below budget. The investment returns are substantial, and, importantly, robust at low oil prices.” The project came in around $1bn below its planned $4.7bn cost. (CONTINUED - 682 WORDS)