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FINANCIAL NEWS
Oman’s PDO surpasses expenditure cut target of USD1.6bn
22 Dec 2016
(MENAFN) The Petroleum Development Oman (PDO) surpassed its aim of reducing expenditure this year.
Additionally, the PDO planned to cut USD1.6bn in 2016 in light of the dwindling oil prices, while the firm has exceeded the target by USD100-200mn.
Last year, the majority state-owned oil producer had launched many initiatives to curtail spending when oil prices started their fall from USD115mn to USD28mn.
Moreover, this year initiatives will be carried into 2017, while the process of minimizing capital needs, optimization, ways of self-financing will continue throughout 2017.
M
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