MUSCAT: In a major breakthrough for Oxy Oman, Vicki Hollub, President and CEO of Occidental Petroleum Corp (Oxy) announced the successful completion of a near-field exploration well in Oman's Block 65. The announcement was made during the company’s Q2 2023 earnings conference call last Thursday.
Hollub said that Block 65 delivered an impressive initial production test of 6,000 barrels of oil equivalent (BOE) per day. The achievement marks the highest initial production test in Oman in the past decade, demonstrating the company's exceptional subsurface characterisation techniques and solidifying its position as the largest independent producer in the country.
“In Oman Block 65, we drilled a near-field exploration well, which delivered 6,000 BOE per day and a 24-hour initial production test, and it is now on production to sales in less than a month from completion,” Hollub noted.
Under Vicki Hollub's leadership, Oxy Oman — a wholly-owned subsidiary of US-headquartered Occidental Petroleum Corp — has been driving innovation and capitalising on promising opportunities in the global energy market. The company's collaboration with the Ministry of Energy and Minerals in Oman has yielded fruitful results, further bolstering their positive outlook for future ventures within the country.
The recent success in Block 65 is a testament to Oxy Oman’s unwavering commitment to exploration and production excellence. The drilling operation, which commenced after the company was awarded the block in 2019, not only achieved remarkable initial production rates but also demonstrated an impressive turnaround time, with the well progressing from completion to production and sales in less than a month.
Vicki Hollub expressed her enthusiasm for the ongoing collaboration with the Ministry of Energy and Minerals in Oman, emphasising the immense opportunities the country presents. Oxy Oman's status as the largest independent producer in Oman reflects their deep commitment to the region and their long-term vision for sustainable growth.
“We were awarded the block in 2019 and in collaboration with the Ministry of Energy, we are positive about opportunities in the country where we are the largest independent producer,” Hollub added.
Oxy Oman has reported significant progress in its ongoing exploration programme, which focuses on its extensive onshore hydrocarbon assets. Throughout 2022, the company achieved a total of 12 new oil and gas discoveries as a result of these efforts.
The majority of the new finds, accounting for six in total, were made in Block 9, a concession in north Oman where Oxy Oman holds a majority ownership. Block 9 is a crucial asset for the company, contributing significantly to its overall oil and gas production. Additionally, two discoveries were made in the adjacent Block 27 concession, while two more were uncovered in Block 53, located in central Oman and featuring the Mukhaizna heavy oil field.
Furthermore, in its wholly owned and operated Block 72 in south-central Oman, Oxy Oman successfully completed the 2D seismic processing as part of its exploration programme.
Oxy Oman boasts an extensive portfolio of over 24,000 square kilometers of upstream acreage, which is distributed across eight onshore blocks. In 2022, the gross production averaged 220,000 barrels of oil equivalent per day (boed). This production figure comprises 201,000 boed of fluids and 110 million standard cubic feet of gas.
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