Oman shelves oil projects due to low prices – ZAWYA

Oman shelves oil projects due to low prices – ZAWYA

New projects were planned on the basis of $60-65 per barrel price. Oman has decided to shelve plans for new oil projects due to a sharp decline in oil prices caused by weak global demand and the spread of Coronavirus, the Gulf country's Oil and Gas Minister said in press comments on Thursday.. "Oman has no plans for the time being to invest in new oil projects although there was a plan to boost output capacity when crude prices were $60-65 a barrel," he said.. "We chalked out investment plans for new oilfields and capacity expansions before oil prices tumbled to low levels now....