Petroleum Development Oman (PDO) plans to drill in excess of 600 wells this year in line with a strategy to maintain activity levels notwithstanding the downturn that has forced the oil and gas sector to scale back capital expenditure and prioritise spending, said a report.
The majority government-owned oil and gas producer is continuing to ‘stay the course’, while also gradually ramping up the transition towards renewable energy resource development as part of its vision to be a fully-fledged energy company, said Raoul Restucci, managing director, PDO.
Restucci said that the base programme remains very active and "we will drill another 600-plus wells this year, as we did last year — so we have a very strong drilling programme, strong production optimisation activities, and continuing reserves replacement programme, while delivering on our production targets."
He added that the company also had a very successful gas exploration programme.
He revealed that a key project set to make further headway in its development is the multibillion dollar Rabab Harweel complex, slated for first gas later this year.
Restucci said that the Rabab Harweel, one of two mega projects along with Yibal Khuff, is an enormous city in itself, well below budget and well ahead of schedule.
At the same time, PDO is pushing ahead with an ambitious plan to expand its presence in the domestic renewables sector, added the report.