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Petroleum Devt Oman Discovers New Oil, Natural Gas Reserves

Petroleum Devt Oman Discovers New Oil, Natural Gas Reserves
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Δευ, 11 Φεβρουαρίου 2008 - 05:59
Petroleum Development Oman, the country's biggest crude oil producer, Monday said it had discovered new oil and natural gas reserves at different locations in the country.
Petroleum Development Oman, the country's biggest crude oil producer, Monday said it had discovered new oil and natural gas reserves at different locations in the country.

PDO discovered oil at its Budour Northeast field, which is located in southern Oman and was discovered last year, the company said in an emailed statement.

PDO may have discovered additional volumes of oil in a rock formation at the Rabab Southeast field, also in the country's south, the company said, adding that well test results were still being evaluated.

"The discovery of these reservoirs goes a long way towards realizing PDO's aspiration of replacing produced volumes in any give year with new reserves," PDO's Managing Director John Malcolm said in the statement.

Oman is spending billions of dollars on projects aimed at stemming a seven-year decline in crude production, which has seen output drop from a high of 956,000 barrels a day in 2001 to a daily rate of 737,700 barrels in 2006, according to ministry figures.

Omani oil production averaged 710,000 barrels a day in 2007 but is expected to rise to 790,000 barrels a day this year due to increased oil activities, PDO said.

PDO also discovered the new Simr gas field, located near the existing Saih Nihayda field, the company said in a separate statement today.

Simr's close proximity to PDO gas infrastructure in the area will ensure rapid appraisal and development of the field to produce much neded gas for the country, the company said.

Gas requirements in Oman are on the rise due to higher consumption from domestic industries such as petrochemicals and from power generation.

PDO is 60% controlled by the Oman government, with 34% owned by Royal Dutch Shell PLC and the rest by Total SA and Partex.

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