OQ showcases its plans to build a sustainable future

Muscat: OQ Group, the global integrated energy company, represented by its Exploration and Production arm ‘OQEP’ showcased its innovations, energy mix and plans to build a sustainable future. OQ participated in Oman Petroleum & Energy Show (OPES), the prestigious event that embraces the entire oil, gas, and energy industry, as a principal sponsor.

OPES 2024 had together more than 200 expert speakers to shed light on global initiatives that will impact the oil and gas industry. Participants from over 24 countries and more than 900 delegates attended the conference and exhibition.

The event was held under the patronage of Oman’s Ministry of Energy and Minerals.

After the inauguration, the OQ booth was visited by the Guest of Honour, Eng. Salim bin Nasser Al Aufi, the Minister of Energy and Minerals, as well as by a number of delegates and visitors, where the group  highlighted its outstanding achievements and its roadmap for a sustainable future which manifested in   three clear pathways to reduce carbon footprint and to diversify revenue by promoting  energy efficiency, clean energy, and low carbon molecules.

OQEP also demonstrated how its initiatives are designed to help Oman build a hydrogen-centric economy, in line with Oman Vision 2040 and the national agenda to achieve carbon neutrality by 2050.

Commenting on OQ participation, Ahmed Al Azkawi, Chief Executive Upstream of OQEP, said: “As a meeting place for energy companies and expertise from around the globe, OPES presents us with an opportunity to project OQ as an integrated energy group focused on building a clean and sustainable future. In our participation, we have gone beyond production and revenues, highlighting the need to engage all stakeholders towards building a sustainable future in line with Oman Vision 2040 and carbon neutrality 2050 objectives. OQ is leaving no stone unturned to apply best industry practices in order to reduce carbon emissions produced by its existing and future projects. We are pleased to report that we have been able to reduce these emissions to as low as 6 kg CO 2 e/boe in some of our facilities. Moreover, we recently made the final investment decision for MARSA LNG project that will achieve less than 3 kg of carbon dioxide for every oil equivalent barrel which is one of the lowest GHG intensity plants in the world.”

“As part of our sustainability efforts, OQ introduced digital platforms to measure, monitor, and control our emissions. Through our OPES participation, OQ highlighted the importance of maximizing the value of current resources and oil and gas reserves as the company strives to build a cleaner and sustainable future,” CEU of OQEP concluded.

At the booth, OQ Exploration and Production featured some of its ongoing sustainable practices, including various decarbonisation measures.

The OQ booth also gave an overview of OQEP joint ventures portfolio powering its various projects, including gas development. The booth also put the spotlight on its global network of partners and
investors.  

In another exciting milestone, OQEP, in line with OQ Group’s efforts to promote ICV and support SMEs in the oil concession areas, signed an agreement with one of the local community contractors for the maintenance and supply of equipment for oil and gas fields in Block 60 and Block 48.

OQ Group also brought into focus its digitisation strategy which has enabled it to boost the quality, efficiency, and overall yield of oil and gas exploration and production operations across the value chain.

The deployment of data collection and analysis has led to better margins. Digitalisation has enabled OQ to deploy new and innovative upstream technology and optimise overall exploration and production efforts.

Various sessions at OPES featured top OQEP officials who participated in important discussions and shared ideas on the role of Oil and Gas in the evolving landscape of the future energy mix.

Ahmed Al Azkawi, CEU of OQEP, was a key participant in the Executive Plenary Session on ‘Transforming the Energy Industry to Deliver Affordable, Sustainable, and Clean Energy’.