Petroleum Development Oman (PDO) on Sunday said that it set a new combined oil, gas and condensate production record of 1.29 million barrels of oil equivalent per day (boepd) in 2015. The company said it was confident of reaching a new sustainable long-term oil production plateau of 600,000 barrels per day (bpd), well ahead of its original 2019 target, to support revenue generation. The PDO also said it is pledging to intensify its cost-control programme to combat the effects of the low oil price environment with an efficiency drive across its operations and has reduced planned expenditure this year by USD1.6 billion. (Times Of Oman)