Mubasher: State-owned Oman Oil Company plans to invest up to $4 billion in the next five years to increase its production, despite falling oil prices, Suleiman Salem Al-Zakwani, the company's chief operating officer, told reporters yesterday.
The company intends to take advantage of the decreased oil price, as it has plans to make future acquisitions and enter into joint ventures,” Al-Zakwani said in his speech at the International Petroleum Technology Conference held in Doha, Qatar.
Al-Zakwani didn’t set a time frame for the investment campaign, but he noted that it’s a part of a program to boost the company’s production to reach 200,000 barrels per day in 2020.
He also expected oil production to increase to 50,000 barrels per day to 1,000 barrels per day.
Zakwani criticised the decision by the Organization of the Petroleum Exporting Countries (OPEC) last week not to lower oil production, saying “as a country, we are losing a lot of money on back of OPEC’s “unjustifiably harmful” management of the crisis.
