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Oman Oil plans $2-4 billion oil investments despite low prices

by ChemOrbis Editorial Team - content@chemorbis.com
  • 08/12/2015 (04:41)
According to media reports, Oman Oil Company Exploration & Production (OOCEP) is planning to invest around $2-4 billion in oil production and exploration in the upcoming five years. The company has also increased its oil output despite facing an already oversupplied global oil market.

The company is seeking investment opportunities in the Middle East, South Asia and Europe. The Chief Operating Officer (COO) of OOCEP, Suleiman Al Zakwani, reportedly said that plunging crude oil prices will help them in acquiring companies as well as entering into new joint ventures.

OOCEP targets to produce 200,000 barrels of oil per day (bpd) in 2020 while the company is expected to increase its oil output from 30,000 to 50,000 bpd in 2016.
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