OQ has officially opened the Bisat oil field, located in the concession area of Block 60, under the patronage of His Highness Sayyid Taimur bin Asaad Al Said, Chairman of the Board of Governors of the Central Bank of Oman (CBO), at the Oman Convention and Exhibition Center.
This is part of the group’s efforts to support the government’s goal of utilising the country’s natural resources and allowing national companies to manage work in the areas of oil exploration and production.
As a result, OQ’s share of Oman’s total oil production has risen to over 220,000 barrels of oil equivalent per day, which represents about 13 per cent of the top-tier contribution to GDP.
According to Talal bin Hamed Al-Aufi, CEO of OQ Group, the opening of the Bisat field represents a significant advancement in the exploration and production operations of the group, with the focus shifting from gas production to crude oil production.
The field has seen growth rates increase from 5,000 barrels per day in 2019 to 55,000 barrels per day in 2022 and currently produces more than 60,000 barrels of oil equivalent per day.
The CEO also stated that the field is one of the Group’s most important projects in the exploration and production sector and for the national development portfolio of the Oman Investment Authority (OIA).
It is part of OQ’s efforts to enhance the added value of the natural resources of the Sultanate of Oman, support growth plans, maximise returns on investment and achieve the goals and aspirations of Oman’s Vision 2040.
The project uses modern technologies and digital solutions to enhance the sustainability of resources and operations.
In terms of economic impact, the CEO highlighted that the project contributes to consolidating the position of the OQ as one of the main developers of oil fields in Oman, which increases the government’s confidence in the group’s ability to develop other oil fields and create more job opportunities for local communities.
Additionally, the in-country value (ICV) added for this project amounted to about RO157mn, while the total amount spent by OQ on local small and medium enterprises and local contractors was RO34mn of the total cost of the project.
Furthermore, products made in Oman accounted for an estimated share of about RO60mn from the total purchases. The project also provided direct and indirect job opportunities for Omani youth, which led to an increase in the total percentage of Omanisation among the Group’s employees working in the concession area, Square No. 60, to reach 85 per cent.
The CEO also mentioned that the Bisat field applies advanced technologies and modern solutions, such as the technology of manufactured designs for production stations, which accelerates production two years after announcing the exploration of the field, maximising the return on investment during the recorded period.
Additionally, OQ is committed to implementing plans and systems that contribute to neutralizing the impact of carbon and enhancing the values of sustainability, such as using innovative technologies to monitor carbon emissions, levels of gases, and the glow of the flame. The Group also uses non-metallic tubes with a longer lifespan than traditional metal tubes.
