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Oman's PDO targets 13% crude capacity increase: report

  • Author
  • Adal Mirza
  • Editor
  • Jonathan Dart
  • Commodity
  • Oil

Dubai — Petroleum Development Oman, the largest oil producer in the sultanate, is looking to raise its crude output capacity by around 13% to 680,000 b/d over the coming years, managing director Raoul Restucci said Tuesday.

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"Soon, we are going to the board to talk about 680,000 b/d, over the next three to four years," Restucci was quoted as saying by the Oman Observer.

PDO is a joint venture of the Omani government (60%), Shell (34%), Total (4%) and Partex (2%), operating a concession area covering almost a third of the country.

Last year, the company produced an average of 582,196 b/d of crude, nearly half Oman's total output.

PDO has plans $20 billion spend over the next four years to sustain its long-term oil and gas production.

One of its most important projects is the Yibal Khuff sour oil and gas development, which it hopes to start up in 2021, adding 10,000 b/d of oil, PDO said in March. PDO's second mega-project -- the Rabab Harweel integrated project in the southern Omani desert -- is expected to be completed in 2019, adding 6 MMcf/d of sweet gas, and another 60,000 b/d of oil.

Oman's crude oil and condensate production has been rising steadily over the last few months, reaching 975,500 b/d in July, its highest so far this year, according to the latest data from the ministry of oil and gas.

The sultanate had cut production by 50,000 b/d from 1.019 million b/d to 969,000 b/d, under the OPEC/non-OPEC production cut deal in December 2016. The producer group agreed in June to raise their collective output by 1 million b/d.

Oman is one of the few non-OPEC producers besides Russia which has some spare production capacity. Salim al-Aufi, Oman's undersecretary of oil and gas, said earlier this month, it would increase output over the next six months, though he did not provide a target.

--Adal Mirza,

--Edited by Jonathan Dart,