Thursday 28 / November / 2024
Muscat - OQ Group today inaugurated the commissioning of Bisat oil field located at Block 60 concession area. The ceremony was held at Oman Convention and Exhibition Centre (OCEC).
The event was held under the patronage of HH Sayyid Taimur Asa’ad al Said, Chairman of the Board of Governors of the Central Bank of Oman (CBO).
The Bisat oil field comes as part of OQ’s contribution to supporting the government’s efforts to maximize the use of Omani natural resources and enable national companies to manage operations in the oil exploration and production sector. This resulted in raising OQ’s share of the total oil production in the Sultanate of Oman to 220,000 barrels per day, which represents about 13% of the upstream sector’s contribution to the gross domestic product (GDP) of Oman.
Talal Hamed Al Aufi, Chief Executive Officer of OQ Group, said: "Inaugurating Bisat oil field represents a quantum leap in exploration operations, as the focus shifted to the production of crude oil. The field recorded production growth rates from 5,000 barrels per day in 2019 to 55,000 barrels per day by 2022. Today, the Group celebrates a production increase that reached 60,000 barrels per day."
He added that: “The Bisat oil field is one of the most important projects of OQ’s upstream sector and Oman Investment Authority’s (OIA) national development portfolio. It comes as part of OQ’s efforts to promote the added value of Oman’s natural resources, support development plans, boost revenues and achieve the objectives and aspirations of Oman Vision 2040. The project applies modern technologies and digital solutions to enhance the sustainability of resources and operations.”
Al Aufi pointed out that: "This project contributes to enhancing the company's position and reputation among oil field developers in the Sultanate of Oman. This in turn bolsters the government's confidence in our ability to develop other oil fields. It will also allow us to create job opportunities for our local communities and support nation building efforts, one of the key goals of Oman Vision 2040.”
He elaborated: “The In-Country Value (ICV) for the Bisat oil field project reached about RO 157 million. In addition, the total amount spent on local SMEs and contractors logged RO 34 million of the overall cost of the project. Products manufactured in Oman accounted for RO 60 million of the total procurement of the project. The project has also created direct and indirect opportunities for Omani youth, resulting in a high overall Omanization rate (85%) of the group employees working in concession area No. 60.”
The CEO of OQ Group said: "The Bisat oil field applies advanced technologies and modern solutions such as the fabricated designs of production stations. This contributed to accelerating the production after two years only following the discovery of the field. As a result, the return of investment was maximized within a record time. This reflects the efficiency of the strategy that has been adopted to accelerate production using the latest technologies, increase outstanding levels of national competencies working in the field and the assiduous efforts exerted to support the targets and visions of our national economy."
OQ Group adopted and implemented plans and systems that contributed to neutralizing the carbon footprint and promoting sustainability values. To this end, the Bisat oil field used new innovative technologies to monitor carbon emissions, gas levels, flaring and energy efficiency for the first time in the Sultanate of Oman. Moreover, the exploration and production arm of OQ used non-metal pipes that have a longer shelf life compared to conventional metal pipes. These pipes could be fixed promptly and flexibly. This resulted in reducing the risks related to the construction works and accelerating the operations pace.
HH Sayyid Taimur Asa’ad al Said, Chairman of the Board of Governors of the Central Bank of Oman (CBO) toured the exhibition that was held on the sidelines of the inauguration ceremony. This exhibition showcased the stages of Bisat oil field’s development. He was also briefed about the potentials of the field and the technologies used in it.
