The oil sector in the Sultanate of Oman received support from the official launch of the Bsat field with a capacity of 60,000 barrels per day, which supports plans to increase production to support the national economy.
In this context, the Okyo Group inaugurated today, Thursday, January 26, the oil field located in the concession area in Block 60, under the auspices of the Chairman of the Board of Governors of the Central Bank of Oman.
The inauguration of the Bisat oil field comes within the framework of OQ’s contribution to support government efforts aimed at maximizing the utilization of the country’s natural resources, and enabling national companies to manage work in the fields of oil exploration and production.
Omani oil production
The production from the new field contributed to raising Okyo’s share of the total oil production in the Sultanate of Oman to 220 thousand barrels of oil equivalent per day, which represents about 13% of the contribution of the upper part to the gross domestic product.
OQ Group CEO, Talal bin Hamed Al-Aufi, said that the opening of the Bsat field represents a quantum leap in the group’s exploration and production operations, with the focus shifting from gas production to crude oil production.
He explained that the field recorded growth rates that reached from 5 thousand barrels per day in 2019, to 55 thousand barrels per day in 2022, and the group celebrates today that the production rate has reached more than 60 thousand barrels of oil equivalent per day.
The OQ Group CEO added that the Bsat 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.
This comes within the framework of OQ’s efforts to enhance the added value of the natural resources of the Sultanate of Oman, support growth plans, maximize return on investment, and achieve the goals and aspirations of Oman Vision 2040.
Sustainable digital solutions
The Bsat field development project focuses on the use of modern technologies and digital solutions to enhance the sustainability of resources and operations.
Al-Awfi pointed out that the project contributes to consolidating the position of the OQ Group as one of the main developers of oil fields in the Sultanate of Oman, which enhances the government’s confidence in the group’s ability to develop other oil fields, enabling it to provide more job opportunities for local communities and support development efforts within the goals of the vision. Oman 2040.-
He explained that the in-country value added for this project amounted to about OMR 157 million ($408.32 million), while the total amount spent by OQ on local small and medium enterprises and local contractors amounted to OMR 34 million ($88.43 million) of the total cost of the project.--
Products made in the Sultanate of Oman accounted for an estimated share of 60 million Omani riyals ($156.04 million) of total purchases.
He explained that the project provided direct and indirect job opportunities for Omani youth, which led to an increase in the total percentage of Omanization among the group’s employees working in the concession area, square No. 60, to reach 85%.
Latest production technology
The CEO of Okio Group confirmed that the Bsat field applies advanced technologies and modern solutions, such as the technology of manufactured designs for production stations, which works to accelerate production two years after announcing the exploration of the field, thus maximizing the return on investment during a record period.
He pointed out that this reflects the efficiency of the strategy that was developed to accelerate production using the latest technologies and technology, and the distinguished level of national competencies working in the field and the work that has been done to support the national economy.
It is noteworthy that the OQ Group adopts the implementation of plans and systems that contribute to neutralizing the impact of carbon and enhancing the values of sustainability, as it uses in the field of innovative modern technologies to monitor carbon emissions, levels of gases and the glow of the flame, which are being used for the first time in the Sultanate of Oman.
Non-metallic tubes with longer life instead of traditional metal tubes have been used in this field.
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