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Publish Date : 29-Mar-2016

Oman has bucked global hydrocarbons trends by moving ahead with significant investment across its upstream and downstream oil and gas sector.

In a two-fold bid to expand operational capacity and output, government-owned Petroleum Development Oman (PDO) announced it will invest around $10bn into three major onshore projects over the next 5 to 10 years, in early February.

Industry players have expressed confidence that the new projects will make a major contribution to Oman's economy longer term, although with per-barrel oil prices reaching 13-year lows in January, the Sultanate is likely to remain under pressure from declining revenues in the near-to-medium term.

The three initiatives proposed for development Rabab Harweel, Yibal Khuff and Budour are all sited in the south of PDO's Block 6 concession.

According to estimates, the blocks reserves could contribute up to one-third of PDO's future oil production and boost its gas output significantly. The company presently accounts for around 70% of all Oman's crude production and almost all of its gas supply.

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