Oman plans to spend US$10 billion (HK$78 billion) in the next five years to increase oil and natural gas output, according to its oil minister.
"We want to increase [oil] production to 900,000 barrels per day by 2010 or 2011 from around 780,000 now and want to double gas output to 70 million to 80 million cubic metres per day," Mohammad bin Hamad bin Seif al-Rumhy said Sunday.
The sector accounts for 80 percent of export earnings and 40 percent of gross domestic product in the Gulf state, which is ouside the Organization of the Petroleum Exporting Countries. Rumhy has previously said Oman's oil production fell about 30,000 bpd to an estimated average of 730,000 bpd. REUTERS
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