The Oman Oil Company Exploration & Production LLC (OOCEP), a subsidiary of the Oman Oil Company S.A.O.C, has been named as the fastest-growing oil company in the Middle East since 2015, by commercial intelligence firm Wood Mackenzie.
OOCEP earned this recognition after witnessing its net production significantly increase to 57,000 barrels of oil equivalent per day since 2015.
In the last three years, OOCEP has grown its output and profitability significantly through the successful start of production from the Block 60 and Musandam Gas Plant operated assets, as well as a number of other new joint ventures in Oman.
As a result, by the end of 2016, the entitlement production of the company had grown from 33,000 to 57,000 barrels of oil equivalent per day, and is expected to double again by 2020 as the Khazzan project ramps up.
Commenting on OOCEP’s achievement, Ayad Al Balushi, vice president - Finance of OOCEP said, “At OOCEP, we aim to make investments that capitalise on Oman’s experience in the oil & gas industry.”
“Moreover, we strive to achieve strong operational results, financial returns, pursue opportunities that will contribute to meeting the future energy needs of the Sultanate and provide a platform for the professional development of our Omani workforce. These extremely positive results achieved over the past three years are a clear testament to our sound operational strategy and performance potential as a company,” Al Balushi was quoted as saying in a press release.
The company’s current activities are focussed towards upstream investments in Oman and abroad.
Given the potential for growth, the company continues to search for opportunities which can contribute towards value creation for its shareholders.
It currently operates three blocks in Oman (60, 42, and 48) and is a participant in a number of joint ventures, some of which are large-scale projects in the Omani upstream such as the Khazzan tight gas project operated by BP and the Mukhaizana field and Block 9, both of which are operated by Occidental Petroleum Corporation.
OOCEP has placed itself in a strategic position to potentially expand its role in Oman’s oil and gas sphere.