OMAN's Petroleum Development Oman (PDO) is planning to spend US$800 million over the next ten years to boost drilling as it aims to maintain average daily oil production at 550,000 barrels.
Raoul Restucci, managing director of PDO, reported in its annual meeting its second highest production record with 1.2 million boepd of combined oil, gas and condensate last year.
Daily oil and condensate production in 2011 stood at 549,280 and 93,600 bpd respectively and non-associated and associated gas production at 463,000 and 85,000 boepd respectively.
He said the company aims to maintain the high level of drilling and engineering activity after it paid off for the fourth consecutive year.
“PDO has delivered stable oil production and increased gas supply consistent with its short and long-term objectives of providing a significant and sustainable energy,” he told reporters.
Field development and recovery optimisation studies added 266 million barrels of oil reserves and 1tcf of gas reserves, he added.
However, he said that the daily crude oil production fell marginally, from the previous year’s level, mainly due to disruptions caused by strikes and protests earlier last year.
“Thanks to industry leading EOR work, fields like Marmul, on stream for more than 30 years, were now producing at their highest ever rate, while new steam projects in Qarn Alam and miscible sour gas injection in Harweel, would underpin key production delivery in 2012,” he said.
Oil News | Middle East
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