Latest news with #PDO
Zawya
18 hours ago
- Business
- Zawya
Oman: $1bln worth of oil and gas projects launched in 2024
MUSCAT: Petroleum Development Oman (PDO) – the largest producer of hydrocarbons in the Sultanate of Oman – kicked off the execution of oil and gas projects valued at around $1 billion in 2024, underscoring the majority state-owned company's ongoing commitment to supporting the national economy. The new investments are among the key highlights of PDO's overall performance in 2024, outlined in the company's newly published 2024 Sustainability Report. Summarising the company's performance, Mohsin bin Hamad al Hadhrami, Under-Secretary of the Ministry of Energy and Minerals and Chairman of the Board of Directors of PDO, commented: 'In 2024, new projects with a total value of $1 billion were launched, reflecting a strong sense of accountability, coordination and resilience. PDO achieved an average oil production of 679,922 barrels per day — the highest in two decades — exceeding its target by 7,000 bpd. Total hydrocarbon output, including condensates and non-associated gas, reached an average of 1.1 million barrels of oil equivalent per day, generating over $22.5 billion in revenues.' Affirming the company's commitment to resilient growth, he added: 'Through continuous cost optimisation and operational efficiency, staff and contractors successfully maintained a low unit operating cost of just $7.4 per barrel, reinforcing our drive for financial resilience and sustainable growth.' Significantly, new oil and gas discoveries across multiple geological plays have bolstered PDO's reserves. During 2024, the company booked 135.4 million barrels of oil and 0.73 trillion cubic feet (Tcf) of non-associated gas (NAG) as Discovered Contingent Resources (dCR). The company also maintained an aggregate (oil and gas) Unit Finding Cost (UFC) of approximately $1.3 per barrel of oil equivalent (boe). Additionally, PDO added 0.7 Tcf of risked ultimate recovery prospective portfolio volumes, maintaining a portfolio replenishment ratio of 1. It also identified an additional 5 Tcf of undefined, high-risk prospective volumes. 'These additions, spanning shallow to deep plays, provide more options for future gas maturation plans,' the company stated in its Sustainability Report. Oil and gas recovery projects worth a total of $1 billion were in execution during 2024. In the North portfolio, the Greater Al Huwaisah (GAHP) start-up was successfully commissioned two months ahead of schedule. Likewise, the Saih Rawl Northwest and MAF Export Meter Upgrade projects were brought on stream as planned. In the South portfolio, the Marmul Gas Compression Project (MGCP) is currently in the commissioning phase. The project aims to enhance gas efficiency by increasing production, minimising flaring and reducing emissions, in line with PDO's South Development Strategy. 2025 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
a day ago
- Business
- Observer
$1 bn worth of oil and gas projects launched in 2024
MUSCAT, JULY 30 Petroleum Development Oman (PDO) – the largest producer of hydrocarbons in the Sultanate of Oman – kicked off the execution of oil and gas projects valued at around $1 billion in 2024, underscoring the majority state-owned company's ongoing commitment to supporting the national economy. The new investments are among the key highlights of PDO's overall performance in 2024, outlined in the company's newly published 2024 Sustainability Report. Summarising the company's performance, Mohsin bin Hamad al Hadhrami, Under-Secretary of the Ministry of Energy and Minerals and Chairman of the Board of Directors of PDO, commented: 'In 2024, new projects with a total value of $1 billion were launched, reflecting a strong sense of accountability, coordination and resilience. PDO achieved an average oil production of 679,922 barrels per day — the highest in two decades — exceeding its target by 7,000 bpd. Total hydrocarbon output, including condensates and non-associated gas, reached an average of 1.1 million barrels of oil equivalent per day, generating over $22.5 billion in revenues.' Affirming the company's commitment to resilient growth, he added: 'Through continuous cost optimisation and operational efficiency, staff and contractors successfully maintained a low unit operating cost of just $7.4 per barrel, reinforcing our drive for financial resilience and sustainable growth.' Significantly, new oil and gas discoveries across multiple geological plays have bolstered PDO's reserves. During 2024, the company booked 135.4 million barrels of oil and 0.73 trillion cubic feet (Tcf) of non-associated gas (NAG) as Discovered Contingent Resources (dCR). The company also maintained an aggregate (oil and gas) Unit Finding Cost (UFC) of approximately $1.3 per barrel of oil equivalent (boe). Additionally, PDO added 0.7 Tcf of risked ultimate recovery prospective portfolio volumes, maintaining a portfolio replenishment ratio of 1. It also identified an additional 5 Tcf of undefined, high-risk prospective volumes. 'These additions, spanning shallow to deep plays, provide more options for future gas maturation plans,' the company stated in its Sustainability Report. Oil and gas recovery projects worth a total of $1 billion were in execution during 2024. In the North portfolio, the Greater Al Huwaisah (GAHP) start-up was successfully commissioned two months ahead of schedule. Likewise, the Saih Rawl Northwest and MAF Export Meter Upgrade projects were brought on stream as planned. In the South portfolio, the Marmul Gas Compression Project (MGCP) is currently in the commissioning phase. The project aims to enhance gas efficiency by increasing production, minimising flaring and reducing emissions, in line with PDO's South Development Strategy.
Zawya
2 days ago
- Business
- Zawya
Omna: Abraj wins PDO contracts for 6 land drilling rigs in Block 6
Muscat – Abraj Energy Services, Oman's leading oil and gas services provider, on Tuesday announced the signing of significant contracts with Petroleum Development Oman (PDO) to provide six state-of-the-art land drilling rigs for operations in Block 6, one of the sultanate's most strategic energy assets. The rigs are scheduled to commence operations in stages starting from Q4 2026. This milestone agreement marks a major expansion of Abraj's long-standing partnership with PDO and reflects the company's trusted capabilities in delivering safe, efficient, and high-quality drilling solutions. 'This agreement stands as a solid testament to Abraj's consistent operational excellence and the trust we have built through reliable, efficient, and safe delivery,' said Hood Khalfan al Brashdi, Acting Director of Business Development at Abraj Energy Services. 'With our advanced rig fleet and deep technical capabilities, we are proud to expand our collaboration with PDO, reinforcing our role as a key enabler in Oman's energy journey and fulfilling our commitment to performance without compromise.' In addition to the PDO contracts, Abraj continues to accelerate its regional growth. In May, the company signed a contract with BP Oman to supply a drilling rig for Block 61. Abraj has also secured a new contract with ARA Petroleum for drilling operations in Block 44 and signed a contract to deliver a third 3000 HP rig for the WJO field in Kuwait, further reinforcing its presence in key upstream projects across the region. Eng Sulaiman Abdullah al Salmi, PDO Gas Drilling Team Leader, said, 'We value our partnership with Abraj, a company that consistently aligns with our operational and HSE (health, safety and environmental) standards. This contract reaffirms our joint commitment to empowering the national energy sector with safe, efficient, and high-performance solutions.' Since 2020, Abraj has delivered over RO850mn in In-Country Value (ICV), with an Omanisation rate nearing 93%. Within PDO-related operations over the past three years alone, the company generated RO79.1mn in ICV – representing 78% of total spend – including RO20.5mn in 'Made in Oman' procurement and RO33.3mn directed to SMEs and local community contractors. These figures reaffirm Abraj's alignment with national priorities and its role as a key enabler of Oman's energy sector development. In 2024, Abraj recorded a strong financial performance with revenues reaching RO151.6mn, EBITDA of RO53mn, and profit after tax of RO16.9mn. The company maintains industry-leading safety standards, achieving zero Lost Time Incidents (LTI) for the third consecutive year. Rig utilisation remained high, with over 86% for drilling rigs and 100% for workover rigs. Abraj's contractual backlog now exceeds RO500mn, highlighting long-term business resilience and deep customer trust. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Observer
2 days ago
- Business
- Observer
Abraj, PDO expand partnership with new contract
MUSCAT: Abraj Energy Services has signed a strategic agreement with Petroleum Development Oman (PDO) to deploy six onshore drilling rigs in Block 6, a key asset in the Sultanate of Oman's energy sector. Drilling operations will be phased in from the fourth quarter of 2026. This marks a major expansion in the longstanding collaboration between Abraj and PDO, underlining the company's expertise in delivering high-performance, safe, and reliable drilling solutions aligned with international standards. Hood bin Khalfan al Barashdi, Acting General Manager of Business Development at Abraj, said the agreement highlights the company's reputation for operational excellence and the trust it has earned through safe and efficient service delivery. He emphasised that the deal reflects Abraj's broader strategy to strengthen its role in advancing the energy sector while maximising in-country value (ICV). The partnership with PDO forms part of Abraj's wider growth strategy. The company has recently secured additional contracts, including a new deal with BP Oman for drilling services in Block 61, and an agreement with ARA Petroleum Limited to drill three wells in Block 44. It has also reinforced its regional presence through the deployment of a third 3,000-horsepower rig in the Wafra field, jointly operated by Kuwait and Saudi Arabia. Engineer Sulaiman bin Abdullah al Salmi, Head of PDO's Gas Well Drilling Team, noted the enduring commitment shown by Abraj to operational integrity, health, and safety. He said the latest agreement reflects the joint ambition of both parties to drive sustainable growth in Oman's oil and energy sectors. Since 2020, Abraj has contributed more than RO 850 million in ICV, achieving an Omanisation rate close to 93 per cent. Over the last three years, activities linked to PDO alone have generated RO 79.1 million in ICV—accounting for 78 per cent of total spending. These figures underscore Abraj's contribution to national development goals. In 2024, the company posted strong financial results with revenues of RO 151.6 million, EBITDA of RO 53 million, and a net profit of RO 16.9 million. Abraj also achieved a remarkable safety record, completing three consecutive years of operations with zero lost-time injuries (LTI) across all units. Rig utilisation rates exceeded 86 per cent for drilling and reached 100 per cent for well maintenance, further demonstrating the resilience and reliability of its services. — ONA
Muscat Daily
2 days ago
- Business
- Muscat Daily
Abraj wins PDO contracts for 6 land drilling rigs in Block 6
Muscat – Abraj Energy Services, Oman's leading oil and gas services provider, on Tuesday announced the signing of significant contracts with Petroleum Development Oman (PDO) to provide six state-of-the-art land drilling rigs for operations in Block 6, one of the sultanate's most strategic energy assets. The rigs are scheduled to commence operations in stages starting from Q4 2026. This milestone agreement marks a major expansion of Abraj's long-standing partnership with PDO and reflects the company's trusted capabilities in delivering safe, efficient, and high-quality drilling solutions. 'This agreement stands as a solid testament to Abraj's consistent operational excellence and the trust we have built through reliable, efficient, and safe delivery,' said Hood Khalfan al Brashdi, Acting Director of Business Development at Abraj Energy Services. 'With our advanced rig fleet and deep technical capabilities, we are proud to expand our collaboration with PDO, reinforcing our role as a key enabler in Oman's energy journey and fulfilling our commitment to performance without compromise.' In addition to the PDO contracts, Abraj continues to accelerate its regional growth. In May, the company signed a contract with BP Oman to supply a drilling rig for Block 61. Abraj has also secured a new contract with ARA Petroleum for drilling operations in Block 44 and signed a contract to deliver a third 3000 HP rig for the WJO field in Kuwait, further reinforcing its presence in key upstream projects across the region. Eng Sulaiman Abdullah al Salmi, PDO Gas Drilling Team Leader, said, 'We value our partnership with Abraj, a company that consistently aligns with our operational and HSE (health, safety and environmental) standards. This contract reaffirms our joint commitment to empowering the national energy sector with safe, efficient, and high-performance solutions.' Since 2020, Abraj has delivered over RO850mn in In-Country Value (ICV), with an Omanisation rate nearing 93%. Within PDO-related operations over the past three years alone, the company generated RO79.1mn in ICV – representing 78% of total spend – including RO20.5mn in 'Made in Oman' procurement and RO33.3mn directed to SMEs and local community contractors. These figures reaffirm Abraj's alignment with national priorities and its role as a key enabler of Oman's energy sector development. In 2024, Abraj recorded a strong financial performance with revenues reaching RO151.6mn, EBITDA of RO53mn, and profit after tax of RO16.9mn. The company maintains industry-leading safety standards, achieving zero Lost Time Incidents (LTI) for the third consecutive year. Rig utilisation remained high, with over 86% for drilling rigs and 100% for workover rigs. Abraj's contractual backlog now exceeds RO500mn, highlighting long-term business resilience and deep customer trust.
