Oman to post highest ever oil output
Petroleum Development Oman (PDO) will this year post its highest ever annual production of oil and gas, at 1.25mn barrels of oil equivalent (BOE).
Speaking to Muscat Daily on the sidelines of the 8th Annual Gas Arabia Summit at InterContinental Muscat on Monday, Raoul Restucci, managing director of PDO, said the Qarn Alam and Amal steam projects and some other projects have contributed significantly to the increase in production this year.
“We are expecting to reach 1.25mn BOE per day for 2012 which is the highest in PDO's history. It is a tangible increase in production. The proportion of oil and gas production is approximately 50:50. We expect to finish the year at around 565,000 barrels of oil per day, with the rest being condensate and gas production.”
PDO recorded 1.2mn BOE per day production in 2011 against the targeted 1.1mn BOE per day.
BOE is a measure for hydrocarbon production which is used by firms as a way of combining the production of oil, natural gas, liquid petroleum gases and condensates into a single measure.
“Our goal is to maintain a long-term plateau in oil production. The target for this year was 550,000 barrels per day and we are above the target. Our focus remains on extending those targets for the longer term, optimising the exploitation of resources to meet government requirements,” he added.
- Egyptian stocks plummet as Yemen confict deepens
- Mission to Mars: UAE plans Arab region's first unmanned probe
- Supervising the stoners: Egyptian tobacco traders call for the legalization of cannabis
- Ethiopia launches $2.8m research survey for Nile basin development
- UAE sweetens flotation regulations to attract more investment
- Siemens sets three world records in trail-blazing power plant technology
- BMW Group achieves new sales revenue record in 2006 - Revenues up by 5.0% to euro 48,999 million - Sales volume set to reach new high in 2007
- rakia achieves 23 per cent growth and sets new record highs in third quarter of 2007
- During 2000-04, Qatar’s nominal GDP is estimated to have grown at a CAGR of 12.5%