OOCEP named fastest-growing oil and gas company in the Middle East

MUSCAT: Oman Oil Company Exploration & Production LLC (OOCEP), a subsidiary of Oman Oil Company SAOC, has been named the fastest-growing oil company in the Middle East since 2015 by Wood Mackenzie, a global leader in commercial intelligence for the energy, metals, and mining industries.

OOCEP earned this recognition after witnessing its net production significantly increased since 2015 to 57,000 barrels of oil equivalent per day.

In the last three years, OOCEP has grown its production and profitability significantly through the successful start of production from the Block 60 and Musandam Gas Plant operated assets, as well as a number of other new joint ventures in Oman. As a result, by the end of 2016, the entitlement production of the company had grown from 33,000 to 57,000 barrels of oil equivalent per day, and is expected to double again by 2020 as the Khazzan project ramps up.

Commenting on OOCEP’s performance, Ayad al Balushi, Vice President, Finance of OOCEP said, “At OOCEP, we aim to make investments that capitalise on Oman’s experience in the oil & gas industry. Moreover, we strive to achieve strong operational results, financial returns, pursue opportunities that will contribute to meeting the future energy needs of the Sultanate and provide a platform for the professional development of our Omani workforce.”