Omani energy firm sees $4bn windfall on rising oil price

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Petroleum Development Oman’s (PDO) oil and gas operations made a windfall of  $14.5 billion in 2021, compared to the targeted $10.5 billion, the Oman Daily Observer reported, citing managing director Steve Phimister.

Buoyant international energy prices drove the higher cash flow.

Combined oil, gas and condensate production averaged 1.223 million barrels of oil equivalent per day (boepd) in 2021.

This included crude production averaging 635,000 barrels per day (bpd), annual gas production of 57 million cubic metres per day and condensate output of 104,000 bpd.

Oil production is expected at 652,000 bpd and condensates at 91,000 bpd in 2022, with capital and operational expenditures projected at $5.129 billion and $2.066 billion, respectively.

The oil and gas exploration and production company expects to generate $8.9 billion cash flow based on an oil price of $45 a barrel and $4.5 per million British thermal units of gas, Phimister said.