PDO to inject $1.5 billion in oil production
Petroleum Development Oman (PDO) plans to invest about $1.5 billion annually for the next five years to increase its oil reserves and upgrade production. The company hopes to produce 800,000 barrels of oil per day (bpd) by 2007 against current production of 770,000 bpd, reported Gulf News.
According to new PDO Managing Director John Malcolm, the company has been working closely with the government and concession holders to overcome production loss and increase oil recovery. Plans include using technology to increase the percentage of oil extracted from reservoirs in addition to water flooding technology as a secondary recovery method.
PDO is the major exploration and production company in the Sultanate. It accounts for more than 90 percent of the country's crude oil production and all of its natural gas supply. The company is 60 percent owned by the government of Oman, 34 percent by the Royal Dutch/Shell Group, four percent by TotalFinaElf and two percent owned by Partex. — (menareport.com)
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