Pay by results deal
Posted: 06 February 2006
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Petroleum Development Oman (PDO) has awarded a contract to MedcoEnergi, of Indonesia , to develop a cluster of 18 small fields in the Nimr Karim area of south Oman that currently produce 18,000 barrels of oil per day.
 The contract is aimed at raising the production levels of the fields, allowing PDO to dedicate its resources to the development of larger fields, which currently account for 95 per cent of its oil production.
MedcoEnergi will only receive financial rewards based on production levels obtained from the fields covered by the agreement and on the costs involved in achieving those levels. Oman Oil Company will also participate as a partner with MedcoEnergi.
Posted by Editor Pipeline Magazine
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