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FINANCIAL NEWS
Oman targets 6% rise in crude output this year
16 Feb 2010
(MENAFN) The Sultanate of Oman plans to raise crude output by 6 percent in 2010, marking its third consecutive yearly increase, Reuters reported.
Oman’s oil output has an influence on the price of more than 10 times more crude than it produces. The country’s output is part of a benchmark price used to value nearly 10 million barrels per day (bpd) of crude exports from the Middle East to Asia
State Undersecretary for Oil and Gas, Nasser Al-Jashmi, said that the sultanate plans to boost crude output to an average of 860,000 bpd in 2010. He also highlighted the government’s efforts and spending to reverse output decline from its ageing fields.
Oman’s largest oil producer, state-owned Petroleum Development Oman (PDO) said that it pumped less crude in 2009 than the previous year even as the country’s total output grew by 7.4 percent.
PDO pumps almost 70 percent of Oman’s crude production and the company plans to continue with the target of 540,000 bpd to 560,000 bpd for the next few years, said Managing Director John Malcolm.
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