Muscat: Leading provider of business investment consultancy services, The Business Year (TBY) is currently working on the second yearly publication entirely focused on the Sultanate of Oman.
Raoul Restucci, Managing Director of Petroleum Development Oman (PDO), held a business meeting with The Business Year to discuss the main highlights achieved by the most important company operating in the Oman's oil and gas sector.
Discussing PDO's performance, Raoul Restucci gave prominence to PDO's recent record for Lost Time Incident Frequency (LTIF) and Total Recordable Case Frequency (TRCF), which is at the lowest rate in the company's history.
On the production side, PDO has continued to expand oil production and meet the increasing demand for gas. "We have fields that are producing more today than they were 30 years ago, and there are very few examples of that around the world. Thanks to considerable well intervention and restoration work, we now have very low decline rates in fields that previously were subject to high decline rates," said Restucci, explaining the latest highlights of the Company.
In terms of PDO introducing new technologies to the industry, Restucci said, "We operate in an increasingly complex environment that needs to rely on more efficient energy management and more advanced and efficient subsurface displacement mechanisms. We're reviewing, testing, piloting, and prototyping some 70 different technologies at any one time."
Enhanced Oil Recovery
Enhanced Oil Recovery (EOR) remains a pivotal aspect of PDO's activity, which such projects accounting for about 12-14 per cent of PDO's production and, by 2023, will represent one-third of the company's total production, using thermal, chemical, or miscible gas injection recovery methods.
The company has been taking into consideration solar energy as a potential substitute for gas as an energy source for EOR.
In describing the GlassPoint project, Restucci outlined its success in the following terms: "It exceeded our expectations not just in terms of the effective and efficient delivery of quality solar steam, but also in terms of reliability and operability".
On In-Country Value (ICV), PDO is a strong and active player in Oman: "We're very proud that, in October 2011, under the auspices of the Ministry of Oil and Gas, we received full support for our In-Country Value strategy and roadmap, which has since become the industry's roadmap, and the ICV acronym is now used as a common term across every publication and every engagement, every day."
Restucci spoke about the future positive trends in the energy sector: "We continue to be successful and our portfolio of projects is very significant. However, there are opportunities also for smaller players. They're able to develop and enhance production from smaller opportunities and turn them into profitable ones. We still have issues and challenges, but we're fixing them with the aspiration to become a role model also in sustainable development."