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Raoul Restucci. Photo — Mohammed Ali/Times of Oman
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Muscat: The majority state-owned Petroleum Development Oman (PDO) yesterday said that the company has achieved a record in hydrocarbon production at 1.24 million barrels of oil equivalent (boe) per day last year, surpassing the previous record of 1.21 million boepd in 2001.
Daily oil production stood at 566,305 barrels per day (bpd) and it is above the company's long term plateau of 550,000bpd. Daily production of non-associated and associated has stood at 582,000boe with condensates at 92.500bpd.
"Our focus continues to be our long term sustainability and maximising recovery from our fields," said PDO Managing Director Raoul Restucci, while addressing a joint media conference along with Dr Mohammad bin Hamad bin Saif Al Rumhy, Minister of Oil and Gas, Nasser bin Khamis Al Jashmi, Undersecretary, Ministry of Oil and Gas and top level officials from state-owned refinery, Oman LNG.
Gas discovery
PDO also announced a significant gas find in the northern part of its concession area. Mabrouk Deep, some 40-km west of Saih Rawl, Oman's main gas field, has estimated in-place volumes amounting to 2.9 trillion cubic feet (tcf) of gas and 115 million barrels of condensate. Exploratory drilling took place last year at depths of up to 5,000 metres and a large field of some 60 square kilometres was located.
In addition, there were five new oil discoveries in 2012, amounting to approximately 300 million barrels of stock tank oil initially in place (STOIIP) from Shuaiba and Gharif reservoirs.
Restucci said: "The scale of the find at Mabrouk is tremendous news for Oman as it will enable a further significant boost to economic growth and social development. "The discovery underlines the truly excellent work that our exploration directorate is conducting to identify and appraise new hydrocarbon reservoirs which will sustain the Sultanate for many years to come."
"PDO accounts for around 70 per cent of the country's crude oil production and nearly all of its natural gas supply so there is a huge onus on us to find and develop new fields of a challenging or "unconventional" nature to replace those that are declining. Despite our record year, we remain as committed as ever to our primary goal of exploring and developing hydrocarbons in a sustainable, efficient manner to the benefit of all our stakeholders by using new technology and pioneering techniques such as enhanced oil recovery (EOR)."
PDO unveiled a string of other notable achievements last year including matching its best ever safety record, creating 4,100 Omani job opportunities with its contractors, awarding in-country value contracts worth $2.3 billion to locally registered companies and investing heavily in social investment projects covering vocational training, healthcare and vital community infrastructure.
Restucci said the focus in 2013 would see an intensification of effort in key areas such as exploration, EOR, business efficiency, ICV and social investment. He highlighted the fact that the Exploration Directorate is planning to drill around 100 wells over the next five years and spend more than $800 million in its search for new reservoirs. Between now and 2022, there will also be 16 significant new projects comprising over $11 billion of investment and targeted at developing over a billion barrels of oil.
He also said that EOR projects accounts for 3 per cent of the company's portfolio, which is expected to hit 16 per cent by 2016 and 27 per cent by 2021.
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