PDO exceeds expenditure cut target of USD1.6bn in 2016
The Petroleum Development Oman (PDO) exceeded its target of cutting down expenditure during 2016, according to a top-level official at the PDO. The PDO had planned to cut USD1.6 billion in 2016 in light of the dwindling crude oil prices. The company’s managing director, Raul Restucci, on Wednesday said the state-owned firm has exceeded the target by USD100-200 million. Restucci said optimisation and cost cutting measures will continue in 2017 as well. (Times of Oman)
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