June 20, 2022

OQ Group Commemorates Upstream Business Achievements

Press release

OQ Group celebrated the accomplishments of its Upstream business during a special event on Monday, 20th June 2022. The event took place under the patronage of His Excellency Eng. Salim bin Nasser Al Aufi, Minister of Energy and Minerals, and was attended by officials and OQ Group employees. These achievements reflect the Omani government's efforts to diversify the national economy in alignment with Oman Vision 2040.

Eng. Salim Al Aufi, stated, "OQ Group's prominent role in oil, gas, petrochemicals, and alternative energy investments aligns with its diversification strategy. Witnessing OQ's global evolution across 17 countries, exporting to over 60 countries, and upholding high international standards fills us with pride."

Eng. Salim further noted, "OQ Upstream's successes are evident in increased oil production from its concession areas. With strategic investment management, the group raised daily production to 218,000 barrels, contributing 12.6% to the nation's total output."

Talal Hamid Al Awfi, CEO of OQ Group, highlighted, "Our investments in oil, petrochemicals, and clean energy sectors maximise our direct contribution to the national economy and Oman Vision 2040's goals. Supporting SMEs and the private sector through local procurements underscores OQ's economic impact."

"In Upstream, OQ's efficiency improvements and enhanced production in Block 60 are noteworthy. Block 60's production now stands at 50,000 BPD, with plans to reach 60,000 BPD by year-end," Talal Al Awfi added.

OQ Gas effectively supplies gas to Oman’s power plants and factories through its 4,100-km networks, delivering over 100 million cubic meters daily. Recognised for exceptional asset management, OQ Gas Networks earned the ISO 55001 Certificate.

Eng. Ahmed bin Said Al Zakari, OQ Upstream Chief Executive, emphasised the value of OQ’s Upstream achievements in enhancing oil production, boosting petrochemical activities, and utilising natural resources in line with national objectives.

"Despite increased production, OQ Group harnessed cutting-edge technologies and collaborative efforts for significant cost savings in oil production and joint ventures," Eng. Al Azkawi noted.

Regarding ICV, Eng. Al Azkawi highlighted initiatives promoting local procurement, fostering economic growth, and creating job opportunities. He underscored OQ's commitment to HSE, prioritising sustainable management and adherence to local and global policies.

OQ Group Commemorates Upstream Business Achievements