Researchers and commercial analysts Wood Mackenzie have named Oman Oil Company Exploration and Production as ME's fastest growing oil and gas company
Oman Oil Company Exploration and Production, OOCEP, a subsidiary of Oman Oil Company S.A.O.C earned the recognition of the fastest growing oil and gas company in the Middle East after witnessing its net production significantly increase to 57,000 bpd 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 bpd and is expected to double again by 2020 as the Khazzan project ramps up.
Commenting on OOCEP’s performance, 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.”
“While excellent production growth has been delivered, OOCEP has also created value-addition to the country by prioritising in-country value. Through this, we have been able to deliver tangible benefits through enhancing Omani business development and human capability development”, said Ashraf Al Mamari, Vice President, Corporate Affairs.