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OQ Group, the built-in world power group of the Sultanate of Oman, showcased the achievements of its Upstream Enterprise at an occasion held below the auspices of Eng Salim bin Nasser al Aufi, Minister of Vitality and Minerals.
In a press release to ONA, Al Aufi stated: “OQ Group performs an essential function in lots of oil, fuel, petrochemical and renewable power investments, as a part of its technique to diversify its investments, function to the very best worldwide requirements and export its merchandise to greater than 60 international locations.”
Via investments in numerous oil and fuel concessions, each instantly and thru partnerships, OQ’s Upstream Enterprise has contributed to growing hydrocarbon manufacturing, which has reached a median of 218,000 barrels of equal per day (boepd), accounting for a 12.6 per cent of Oman’s complete oil and fuel manufacturing throughout a comparatively quick interval, he famous
The Group has additionally diminished the operational price per barrel of oil, enhanced native worth creation, and employed nationwide cadres in technical and engineering fields.
Talal bin Hamed al Oufi, CEO of OQ Group, stated: “The Group invests in numerous oil, fuel, petrochemical and power companies to maximise its contribution to the nationwide financial system, and contributes to the success of the federal government’s insurance policies in financial diversification in accordance with the targets of Oman Imaginative and prescient 2040, in addition to supporting numerous personal sector enterprise actions and plenty of native value-added initiatives.”
Notable achievements within the Upstream Enterprise embody oil and fuel discoveries in Block 60, which at present averages 50,000 boepd barrels per day. The group can also be in search of to extend its output to round 60,000 boepd by the top of this yr, he stated.
Talal al Oufi confirmed that Okio was in a position to ship fuel from manufacturing fields to energy crops and industries in numerous areas of the Sultanate Oman by 4,100 km-long fuel community carrying greater than 100 million cubic metre per day of fuel.
In accordance with Ahmed bin Saeed al Azkawi, CEO of OQ Upstream Enterprise, the group’s achievements are the results of continued cooperation with Ministry of Vitality and Minerals, strengthening authorities efforts to draw worldwide companions, intensive exploration and manufacturing actions, which mirror His Majesty Sultan Haitham bin Tarik’s directives to diversify sources of revenue and contributing to elevating the power sector’s GDP share.
“The group has labored to cut back the price of oil manufacturing by the usage of fashionable applied sciences regardless of elevated manufacturing, declaring that the group contributed to lowering prices in lots of joint ventures, which advantages the federal government and buyers and has employed its human potential and technical capabilities in managing asset security.
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