Team

45pc of GDP from Oil in Oman

In a bid to help eliminate all difficulties facing the economic sectors, particularly the oil and gas sector, the Economic Committee at the Majlis Ash’shura held a joint meeting with officials of Petroleum Development Oman (PDO) during which the company present a visual display of the second phase of Harweel oilfield. Revenues of the oil and gas sector constitute 80 per cent of the state budget and 45 per cent of the Gross Domestic Product (GDP).

The Sultanate can increase the average oil production to 915,000 bpd during this year. The Majlis’s Economic Committee will conduct similar meetings with the senior management of PDO to exchange information, review PDO’s long and medium term plans and the company’s capital and operational investments, while at the same time assessing its experiences in some oil fields, said Saleem bin Ali al Hekmani, Chairman of the Majlis’s Economic Committee, who expressed appreciation for PDO’s co-operation.

Meanwhile, the working team of the Economic Committee discussed government investments and replies for specific queries not included in letters from government departments. The Majlis team reviewed the outcomes of Omani Air investments and the investments of some of the government companies.