Wednesday 8 December 2021

Omani firms venturing as oilfield operators

MUSCAT, April 5, 2016

Omani firms are increasingly venturing into upstream oil and gas exploration and production (E&P) sector as operators, a report said.

As operators, oil-field companies will need substantial human resources and technical as well as investment capabilities to develop hydrocarbon prospects within their concessions, Salim bin Nasser al Aufy, Under-Secretary of the Ministry of Oil & Gas was quoted as saying in the Oman Observer report.

In all, five Omani players have emerged as E&P operators in their own right, said Al Aufy.

State-owned Oman Oil Company Exploration & Production (OOCEP) currently operates two licenses — Blocks 60 and 42 — and is exploring additional investment opportunities, he added.

Meanwhile, Daleel Petroleum is producing over 50,000 barrels of oil per day from its Block 5 license in the west of the country. Sister company Petrogas E&P LLC, a holding company of MB Holding Company’s E&P interests, is the operator of the recently acquired Block 55 license, the report said.

Omani firm Intaj LLC is playing a key E&P role in Block 56 onshore Oman. Also making its debut in E&P services is Hydrocarbon Finder, a wholly Omani company that acquired the license to Block 7 last year, according to the report.

“I think over the last 10-15 years, companies lost in the order of $1 billion trying to explore for oil but failed to get it to maturity. After all, this is the nature of the business,” Al Aufy said.

Tags: Oman | upstream | OOCEP |

More Energy, Oil & Gas Stories

calendarCalendar of Events