Latest news with #WJO
Leaders
28-05-2025
- Business
- Leaders
Saudi Arabia, Kuwait Unveil Major Oil Discovery in Neutral Zone
Saudi Arabia and Kuwait celebrated a pivotal milestone with the first major oil find in their shared Neutral Zone since 2020, signaling renewed exploration momentum. The discovery, announced by Wafra Joint Operations (WJO), targets the North Wafra Wara-Burgan field, just five kilometers north of the existing Wafra reservoir. Initial tests reveal the Wara reservoir produces over 500 barrels daily, with crude API gravity between 26–27 degrees, indicating medium-density oil. This output underscores operational efficiency amid rising global energy demands, bolstering regional supply stability. Moreover, this marks the first success since cross-border operations resumed in mid-2020 after prolonged disruptions. The achievement highlights technical resilience and strategic collaboration, reinforcing both nations' roles as trusted energy partners. Economic and Geopolitical Impact The Neutral Zone's Wafra field spans 30 miles inland, feeding pipelines to Kuwaiti and Saudi export terminals. Its revival aligns with Saudi Arabia's Vision 2030 goals, balancing fossil fuel investments with renewable transitions. Meanwhile, Kuwait strengthens its foothold in OPEC+ coordination, navigating production cuts amid shifting market dynamics. Experts view this discovery as a catalyst for deeper investments in underexplored zones, leveraging advanced seismic technologies. For Saudi Arabia, it complements bold energy initiatives like NEOM, amplifying its global energy leadership. As the world pivots toward sustainability, this partnership reaffirms hydrocarbons' enduring role while charting pathways for diversified energy futures. Both nations now eye further breakthroughs, bridging tradition with innovation in an evolving sector. Short link : Post Views: 5
Zawya
27-03-2025
- Business
- Zawya
Oman: Abraj reports strong market position and operational gains
MUSCAT: Abraj Energy Services (Abraj), a leading drilling and oilfield services provider in Oman, unveiled its latest market position and operational performance during an investor presentation last week. The company reported robust growth in key performance indicators, solidifying its dominance in the sector as of December 31, 2024. MARKET LEADERSHIP IN OMAN'S DRILLING SECTOR Abraj maintained a significant 25% market share in Oman's drilling industry, reinforcing its status as a dominant player. The company operated 27 drilling rigs and 5 workover units, demonstrating a well-balanced fleet capable of supporting upstream oil and gas operations. A key highlight of the presentation was the high rig utilization rates, which stood at 92% for drilling rigs and 100% for workover units. This efficiency underscores the company's ability to optimize asset deployment while maintaining operational excellence. OPERATIONAL EXCELLENCE AND PERFORMANCE GAINS Abraj recorded a total of 340 wells drilled in 2024, covering a combined drilling distance of 7,774 kilometers. This output reflects the company's sustained contribution to Oman's upstream energy sector and its ability to deliver large-scale drilling operations efficiently. The company also made strides in improving operational efficiency, as evidenced by a notable reduction in Non-Productive Time (NPT). In 2023, Abraj's NPT stood at 1.24%, which significantly decreased to 0.76% in 2024—well below the global industry average. This improvement highlights the company's focus on minimizing downtime and enhancing service reliability for its clients. Abraj reported serving 10 clients in 2024, demonstrating its ability to cater to a diversified portfolio of energy operators. WORKFORCE STRENGTH AND FLEET AGE The company's workforce comprised 2,709 employees from 24 nationalities, reflecting a diverse and skilled talent pool. This workforce is instrumental in maintaining the company's high standards of service and operational excellence. Meanwhile, Abraj's fleet maintained a competitive average rig age of 9.4 years for drilling rigs and 11.4 years for workover units. This relatively young fleet ensures reliability and efficiency in the company's drilling and maintenance operations. FUTURE EXPANSION AND MARKET OUTLOOK Abraj is actively exploring regional expansion opportunities in Kuwait, Saudi Arabia (KSA), and Algeria, signaling its ambition to grow beyond Oman's borders. Kuwait: The company achieved a major milestone by launching its first international project in Kuwait (WJO), deploying two rigs in February and July 2024. This expansion increased Abraj's fleet to 27 rigs, with discussions ongoing for a third rig in Kuwait. Additionally, Abraj has been qualified for cementing services with Kuwait Oil Company (KOC). Saudi Arabia (KSA): The company is currently undergoing pre-qualification for drilling and workover services, aiming to enter this key Gulf market. Algeria: Abraj is in advanced discussions with Sonatrach, Algeria's national oil company, to collaborate on drilling, cementing, and hydraulic fracturing activities. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
26-03-2025
- Business
- Observer
Abraj reports strong market position and operational gains
MUSCAT, MARCH 26 Abraj Energy Services (Abraj), a leading drilling and oilfield services provider in Oman, unveiled its latest market position and operational performance during an investor presentation last week. The company reported robust growth in key performance indicators, solidifying its dominance in the sector as of December 31, 2024. MARKET LEADERSHIP IN OMAN'S DRILLING SECTOR Abraj maintained a significant 25% market share in Oman's drilling industry, reinforcing its status as a dominant player. The company operated 27 drilling rigs and 5 workover units, demonstrating a well-balanced fleet capable of supporting upstream oil and gas operations. A key highlight of the presentation was the high rig utilization rates, which stood at 92% for drilling rigs and 100% for workover units. This efficiency underscores the company's ability to optimize asset deployment while maintaining operational excellence. OPERATIONAL EXCELLENCE AND PERFORMANCE GAINS Abraj recorded a total of 340 wells drilled in 2024, covering a combined drilling distance of 7,774 kilometers. This output reflects the company's sustained contribution to Oman's upstream energy sector and its ability to deliver large-scale drilling operations efficiently. The company also made strides in improving operational efficiency, as evidenced by a notable reduction in Non-Productive Time (NPT). In 2023, Abraj's NPT stood at 1.24%, which significantly decreased to 0.76% in 2024—well below the global industry average. This improvement highlights the company's focus on minimizing downtime and enhancing service reliability for its clients. Abraj reported serving 10 clients in 2024, demonstrating its ability to cater to a diversified portfolio of energy operators. WORKFORCE STRENGTH AND FLEET AGE The company's workforce comprised 2,709 employees from 24 nationalities, reflecting a diverse and skilled talent pool. This workforce is instrumental in maintaining the company's high standards of service and operational excellence. Meanwhile, Abraj's fleet maintained a competitive average rig age of 9.4 years for drilling rigs and 11.4 years for workover units. This relatively young fleet ensures reliability and efficiency in the company's drilling and maintenance operations. FUTURE EXPANSION AND MARKET OUTLOOK Abraj is actively exploring regional expansion opportunities in Kuwait, Saudi Arabia (KSA), and Algeria, signaling its ambition to grow beyond Oman's borders. Kuwait: The company achieved a major milestone by launching its first international project in Kuwait (WJO), deploying two rigs in February and July 2024. This expansion increased Abraj's fleet to 27 rigs, with discussions ongoing for a third rig in Kuwait. Additionally, Abraj has been qualified for cementing services with Kuwait Oil Company (KOC). Saudi Arabia (KSA): The company is currently undergoing pre-qualification for drilling and workover services, aiming to enter this key Gulf market. Algeria: Abraj is in advanced discussions with Sonatrach, Algeria's national oil company, to collaborate on drilling, cementing, and hydraulic fracturing activities.
