Petroleum Development Oman: New EPC Projects
The continuing slide in oil prices has undoubtedly caused difficulties for the Arabian Gulf Sultanate of Oman, as the drop in oil revenues impacts on the national budget, translating into lower public spending and associated difficulties for the oil and gas industry.
However, this trend hasn’t stopped the Sultanate from continuing its plans to markedly increase exploration and production (E&P) activities related to oil and gas, primarily through its government-owned hydrocarbons corporation, Petroleum Development of Oman (PDO).
Oman petroleum reserves total 5.3 billion barrels, roughly 1,400 barrels for every Omani citizen living in the country today. Oman has the 23rd largest oil reserves in the world and is the 17th biggest producer of petroleum and other hydrocarbon-based liquids. Petroleum Development of Oman (PDO) controls 70 per cent of the hydrocarbons production in the country.
Oman hopes to invest heavily in the discovery and development of new fields with a heightened importance on enhanced oil recovery (EOR) techniques and efficient operational support structures. The digital oilfield and solar-driven advanced oil recovery is fuelling Oman petroleum aspirations in the 21st century
State majority owned Petroleum Development Oman (PDO) is at the forefront of issuing tenders to support ongoing engineering, procurement and construction (EPC) projects within the oil and gas and petrochemical industry. PDO has continued to support plans to invest $ 5.2 billion every year in order to increase production capacity and operational efficiency.
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