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Abraj unveils exceptional Q3 results, charting a future of growth

Abraj is solidifying its position and has set a new benchmark in the industry.
Abraj is solidifying its position and has set a new benchmark in the industry.

Muscat: Abraj Energy Services, Oman’s leading provider of oil and gas services, announced its outstanding performance for Q3 2023. With a commanding 28 per cent share in Oman's drilling market and an impressive 15 per cent in key well services, Abraj is solidifying its position and has set a new benchmark in the industry.

In an extraordinary feat, the company has successfully completed 93 wells ahead of the planned schedule, showcasing its efficiency and commitment to excellence. This achievement is further highlighted by the significant reduction in rig move duration, thanks to a combination of design, planning, and the implementation of lean practices.

2023 marks a milestone year for Abraj, celebrating over ten years of unparalleled safety performance. Operating a robust fleet of 30 units, including 25 drilling rigs and 5 workover rigs, the company has maintained an impeccable safety record. This year alone, Abraj achieved 675 days without a Lost Time Injury (LTI), 61 days without Total Recordable Cases (TRC), 294 days without Road Traffic Accidents (RTA), and 36 days without High Potential Incidents (HiPo).

Abraj's commitment to operational efficiency is evident in its Non-Productive Time (NPT) performance, achieving an NPT of 1.33 per cent. This not only surpasses the industry-standard allowable NPT of 1.5 per cent but also significantly outperforms the international allowable NPT of 3 per cent.

Eng. Saif Al Hamhami, CEO of Abraj Energy Services, states, "Abraj has consistently demonstrated exceptional performance, setting new benchmarks in the oil and gas sector. Our remarkable achievement of a 28 per cent market share in drilling and >15 per cent in key well services this quarter is a testament to our operational excellence and strategic foresight. We are not just meeting industry standards; we are redefining them, as evidenced by our significant advancements in drilling efficiency and safety protocols." The company continues to demonstrate its operational prowess with all 25 rigs and 5 hoists operating at full capacity. This has led to the drilling of 193 wells, totaling an impressive 458,000 meters in depth, averaging 32.2 wells per month, including workover wells.

In well services, Abraj thrives with a formidable fleet and five business lines. The company's Integrated Fracturing services, a first in the MENA region by a local company, have shown exceptional operational excellence and technical advancement, completing hydraulic fracturing for over 200 wells.

The stimulation business of Abraj has seen significant growth, marked by the addition of another Frac fleet dedicated to high-rate acid stimulation treatments. This expansion is supported by strong technical collaboration with clients, as demonstrated by notable presentations at prestigious international forums.

Abraj's dedication to advancing industry knowledge is evident in its active participation in research and development. The company recently presented three technical papers at the SPE International Hydraulic Fracturing Conference in Muscat, Oman. Another publication was recently presented at the SPE Annual Technical Conference and Exhibition in San Antonio, USA, which further highlighted Abraj's innovative research.

Eng. Al Hamhami added, "Our strategic vision is centered on cementing Abraj's competitive advantage in the oil and gas industry. We are committed to pioneering innovative solutions and leveraging cutting-edge technologies to stay ahead of industry trends. This approach not only enhances our service offerings but also positions us as a key player in shaping the future of energy services. Our focus on sustainable practices, coupled with our dedication to operational excellence, ensures that Abraj remains at the forefront of the industry, driving growth and setting the standard for others to follow." Abraj remains committed to supporting the local community and In-Country Value (ICV) initiatives. The company has significantly contributed to the socio-economic development of the country, with an average of 24 per cent in SME spend and a 59 per cent ICV index as of October 2023. Abraj also managed to achieve over 92 per cent Omanisation, supported by in-house training and the development of local skills.

Guided by a clear vision and deeply rooted values, Abraj Energy Services continues to excel across its service divisions. The company is unwavering in its endeavor to expand operations, pioneer sector development, and employ state-of-the-art technologies. Abraj's dedication to Oman’s socio-economic progress cements its position as a beacon of excellence in the energy landscape.

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