(MENAFN- Muscat Daily) Muscat -
Oman's flagship crude oil producer, Petroleum Development Oman (PDO) has achieved highest production level of 610,170 barrels per day (bpd).
PDO in its sustainability report, which was released on Sunday and is available on its website, said that it has achieved the production level of 610,170 bpd, highest since 2005. Besides this, PDO has also achieved the production level of 65,300 bpd of condensate and 64.8mn cubic meters per day of natural gas during the last year.
'Overall the company has been able to achieve 1.205mn bpd of oil equivalent per day in 2018', the report said.
'We deliver the majority of the country's crude oil production and natural gas supply, but above all we focus on delivering excellence, growth and sustainable value creation within and well beyond our industry', the report said while adding that, 'Petroleum Development Oman LLC is the leading exploration and production company in the Sultanate of Oman'.
The report also highlighted a number of important milestones achieved by PDO in improving efficiency of its performance and adding value to the country. PDO have been able to avoid additional cost to the tune of US$700mn through a project called Knowledge Management Programme.
With the help of a number of initiatives taken over the past few years, PDO has been able to save around US$107mn of capital expenditure in oil exploration and production while the number for gas sector stood at US$57 in 2018, the report said.
The report also highlighted that PDO achieved the lowest ever recorded cost per metre drilled in its history in the last year. The oil major has also been able to achieve US$152mn cost saving in other activities through Lean Business Efficiency Initiatives, a programme launched by it to improve efficiency in operations.
Another important highlight of 2018 was that PDO had executed more than 12 strategic standardisation projects using in-house capabilities to build a stronger foundation for the next stages of continuous improvement transformation.
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