Energy

Hydrocarbons play a vital role in the Omani economy, comprising almost 50% of GDP and accounting for a large majority of government revenues. In total the government budgeted $3.9bn of spending on investment in oil and gas for 2015, representing an increase of 9.35% on the $3.6bn budgeted for 2014. Although the drop in oil prices has put considerable pressure on government revenues, the price drop has also forced producers to optimize processes. Indeed, Oman has become a testing ground for some of the most advanced extraction techniques currently in use, not to mention a host for new investment in downstream industries. The same commitment to technology should soon see production of natural gas hit new records. This chapter contains an interview with Raoul Restucci, Managing Director, Petroleum Development Oman.