PDO’s budget falls but Capex goes up in 2020

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هذه الصفحة متوفرة بهذه اللغة: العربية

15 July 2020

MUSCAT (WAF): Petroleum Development Oman (PDO) will spend 6 billion US dollars in 2020 compared to the total spending of $7.3 billion in 2019, PDO’s annual report shows.

The estimated capital budget is about $5.5 billion in 2020 despite the economic challenges imposed by the Corona pandemic, compared to $5.3 billion in 2019.

The company operates on “a no-profit, no-loss basis and is officially revenue-neutral”, PDO states in its annual report issued today.

In 2019, PDO’s capital and operating expenditures summed up to $7.3 billion.

In 2020, the majority state-owned company will allocate 80% of its spending on contractors and suppliers, which will amount to $4.8 billion.

The data issued by the company showed that during the past year, it managed to achieve savings of $ 178 million. PDO is expecting additional savings during the current year estimated at $ 58 million, in addition to targeting to reduce “unit cost by 30% in every activity or process in the company.