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.
Managing Director Raoul Restucci (pictured) said 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.
“The base programme remains very active; 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. We also had a very successful gas exploration programme, (details of which will be shared during the media briefing,” Restucci stated.
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. “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,” said Restucci.
“Our partnership with (UK oilfield contractor) Petrofac has worked extremely well in reducing costs, securing major leveraging of our turbines, compressors, and other equipment at lower costs. The plant will develop more than 260 million barrels of oil and gas reserves, which is likely to rise because appraisal and developmental drilling has found additional resources.”
At the same time, PDO is pushing ahead with an ambitious plan to expand its presence in the domestic renewables sector.
“We want to be a key participant in this process and also work with Oman Power and Water Procurement Company (OPWP), (the sole procurer of all new power generation capacity in the Sultanate), to see the next opportunities going forward.”
Noteworthy is a plan for a 100 MW utility scale solar PV project, a Request for Proposals (RfP) for which will be issued before the end of this month, said Restucci.
Additionally, the company is also pressing ahead with the expansion of its landmark Miraah solar park in Amal in partnership with GlassPoint, and the Nimr Reed Bed scheme.
Last week, the company launched its roof-top solar car park project at its Mina Al Fahal headquarters in Muscat. Also on the anvil are a number of energy management programmes designed to enhance energy efficiency and conservation across its operations, the Managing Director added.