By: Kabeer Yousuf
MUSCAT: With crude oil prices dipping as low as $48 per barrel, Oman has categorically said that it is not going to suspend any ongoing or future projects in the oil and gas sector nor will delay any of the exploration or distribution projects, according to the minister of oil and gas.
“Business is as usual and we are going ahead with all oil and gas projects. We need to incorporate every project that will improve the industry and this is the only thing through which we can support the economy.”
In an optimistic and confident note, Dr Mohammed bin Hamad al Rumhy, Minister of Oil and Gas, reiterated that “We are not going to touch it; nor are we going to delay it; nor will we postpone it; and we are not going to cancel any project.”
Speaking to the Observer on the sidelines of the PDO graduation ceremony ceremony, Dr Rumhy noted that some of the major projects such as Rabab Harweel Integrated project, Yibal Khuff integrated brownfield project which are involving billions of dollars are actively moving ahead.
“All our multi-billion projects as well as EOR projects are going ahead and these are the projects that are going to produce extra barrels and will be yielding extra rials to the national budget, hence we are not going to touch them.
He further said that a nation can opt for two measures to alleviate the impact of sliding oil prices. “One way is to reduce expenditure which will help us at these times.
Project planning and project cost are two different issues and of course there are cost-cutting measures and we will try to save every rial that we are spending. The second is to delay or postpone projects which we are not going to think of as of now”.
On the sidelines of the graduation, PDO signed a memorandum of understanding (MoU) with the Ministry of Manpower.
SOURCE: OMAN DAILY OBSERVER