Oman’s PDO to boost oil output to 700,000 bpd in coming years

Oman’s PDO to boost oil output to 700,000 bpd in coming years

MUSCAT: Petroleum Development Oman (PDO), the nation’s biggest hydrocarbon producer, plans to ramp up oil output to over 700,000 barrels per day (bpd) in the coming years, up from an average production of 660,894 bpd in 2022. The revelation came in the 2022 Annual Report of the Ministry of Energy and Minerals, published here on Wednesday. The majority state-owned energy company added an average of 8,894 bpd to its daily oil output in 2022 (versus 2021 figures). Condensate production, on the other hand, averaged 100,172 bpd while gas production of 56 million m3/day was in line with projections of lower customer demand, it said. Taken together, total production averaged 1.17 million barrels of oil equivalent per day (boepd) in 2022, compared with the previous year’s average of 1.223 million boepd. “As the country’s largest hydrocarbon producer, we continued our role as the country’s swing producer for gas, requiring us to operate in a highly dynamic mode,” PDO noted in the report. “The coming years will see continued production growth, in line with our production ambition of more than 700,000 bpd,” it stated. 2022 was also a “milestone year” that saw PDO rejig its corporate strategy and roll-out a new operating