Oman allocates 3.5 billion dollars to boost oil production

An official in the Oman ministry of finance said that the Sultanate plans to spend 3.5 billion dollars during the next five years to boost its oil production by 18% and provide liquidity for infrastructure projects. The official told Reuters: "We aim to produce one million barrels of oil per day on average by 2015 and will spend about 3.5 billion dollars during the next five years to achieve that." Oman produces 850 thousand barrels per day currently and expects to raise production to 870 thousand barrels per day on average this year. The official added that new investments will be used to drill more wells, including a field south of dust which has a billion barrels of reserves, adding that the Sultanate hoped that the Declaration can increase the size of its reserves.m.e