Petroleum Development Oman (PDO) is likely to invest more than US$11bn

For a number of new oil projects over the next 10 years, it has announced
“Between now and 2022, there will also be 16 significant new projects comprising more than US$11bn of investment and targeted at developing more than a billion barrels of oil,” Restucci said in the company’s newly released annual report for 2012. According to Raoul Restucci, managing director of PDO, the investment will help develop more than one billion barrels of oil — part of the majority government-owned company’s strategy to sustain long-term hydrocarbon output.