OQ Upstream hydrocarbon output climbs to 218,000 boepd

OQ Group, the integrated global energy group of the Sultanate of Oman, showcased the achievements of its Upstream Business at an event held under the auspices of Eng Salim bin Nasser al Aufi, Minister of Energy and Minerals.

In a statement to ONA, Al Aufi said: “OQ Group plays an important role in many oil, gas, petrochemical and renewable energy investments, as part of its strategy to diversify its investments, operate to the highest international standards and export its products to more than 60 countries.”

Through investments in various oil and gas concessions, both directly and through partnerships, OQ’s Upstream Business has contributed to increasing hydrocarbon production, which has reached an average of 218,000 barrels of equivalent per day (boepd), accounting for a 12.6 per cent of Oman’s total oil and gas production during a relatively short period, he noted

The Group has also reduced the operational cost per barrel of oil, enhanced local value creation, and employed national cadres in technical and engineering fields.

Talal bin Hamed al Oufi, CEO of OQ Group, said: “The Group invests in various oil, gas, petrochemical and energy businesses to maximise its contribution to the national economy, and contributes to the success of the government’s policies in economic diversification in accordance with the objectives of Oman Vision 2040, as well as supporting various private sector business activities and many local value-added initiatives.”

Notable achievements in the Upstream Business include oil and gas discoveries in Block 60, which currently averages 50,000 boepd barrels per day. The group is also seeking to increase its output to around 60,000 boepd by the end of this year, he said.

Talal al Oufi confirmed that Okio was able to deliver gas from production fields to power plants and industries in various regions of the Sultanate Oman through 4,100 km-long gas network carrying more than 100 million cubic metre per day of gas.

According to Ahmed bin Saeed al Azkawi, CEO of OQ Upstream Business, the group’s achievements are the result of continued cooperation with Ministry of Energy and Minerals, strengthening government efforts to attract international partners, intensive exploration and production activities, which reflect His Majesty Sultan Haitham bin Tarik’s directives to diversify sources of income and contributing to raising the energy sector’s GDP share.

“The group has worked to reduce the cost of oil production through the use of modern technologies despite increased production, pointing out that the group contributed to reducing costs in many joint ventures, which benefits the government and investors and has employed its human potential and technical capabilities in managing asset safety.