Petroleum Development Oman (PDO) has projected investments of around $20 billion in its oil and gas operations over the next five years, despite plans to further curtail capital expenditure in 2017 and beyond, a report said quoting a top official.

PDO aims to continue running a lean and efficient operation going into 2017, while still maintaining activity levels at full tilt, Raoul Restucci, managing director, PDO, was quoted as saying in an Oman Daily Observer report.

He added that the company will be focusing on minimising capital requirements, improving efficiency, finding self-reliant ways of funding itself.  

Restucci pointed out that the company is doing its best to reduce capex not only for 2017 but also 2018, the report said.

The company will try and sustain a high level of activity and drilling projects. It drilled more than 600 wells in 2016, and aims to continue their development in 2017, said the report.