Oman inks exploration deal with PetroTel Inc

The country’s oil production and condensates increased by 4 per cent to an average of 918,500 barrels per day in 2012, from a year earlier, while its natural-gas production rose 3.3 per cent to 98.2 million cubic meters a day during the same period. State-run Petroleum Development Oman, or PDO, which accounts for around 70 per cent of the Sultanate’s crude output, hopes to invest $11 billion until 2022 on 16 large oil projects, which will help increase its production by one billion barrels.