Home Energy assets Assets of OQ Group of Oman surpass $31.6 billion

Assets of OQ Group of Oman surpass $31.6 billion

0

The total asset value of OQ, a global energy group integrated in Oman, exceeded $31.6 billion, making it one of the largest energy companies in the Sultanate.

OQ operations and activities span the entire value chain; from exploration and production, operations of refineries and the petrochemical sector, to value addition of oil and gas products, as well as trade and marketing, the Omani News Agency (ONA) reported. .

The production capacity of the Mina Al Fahl refinery has increased from 50,000 barrels per day in 1982 to 106,000 barrels per day in 2022.

OQ Group has supported and promoted the government’s economic diversification plans by supplying production inputs to many industries related to oil, gas and petrochemical derivatives, as well as producing fuel derivatives in the Sultanate of Oman through through its refineries.

In addition, the group has attracted foreign investment and entered into partnerships with international companies in Oman and abroad. OQ’s exports to various countries around the world have raised the brand of Omani industries and enhanced the national engineering capabilities.

Additionally, OQ has achieved significant success in expanding into global markets. The group is present in 17 countries on five continents and sells its products in more than 80 countries.

The Group provides exploration and production services as part of its investments. Total oil production from its operating assets and investment partnerships reached 219,000 barrels of oil equivalent (boe) per day in the first half of 2022. This represents 12.6% of production total oil from Oman.

Block 60 is considered one of the most important concession areas held by the group, which includes the “Bisat” field where OQ managed to increase production from 14,000 to 57,000 barrels of oil equivalent. The group has partnerships with many international companies for the management and operation of numerous concession areas, both locally and internationally.

OQ has many development projects which mark a milestone in the upstream industries inside the Sultanate of Oman. This strengthens the group’s contribution to the development of the industrial sector and the promotion of petrochemical industries.

The Liwa Plastics Industries complex is one of the biggest investments in the Sultanate of Oman. The group also owns OQ Liquefied Petroleum Gas (LPG) Plant, OQ Ammonia Plant, Methanol Plant in Dhofar Governorate, Omani Tank Terminal Company (OTTCO) in Duqm Wilayat , the aromatics plant and the polypropylene plant in Sohar, in addition to the investment partnership at Duqm Refinery “OQ 8”.

In the area of ​​clean energy, OQ AE is making progress in developing opportunities to support the decarbonization of OQ’s upstream and downstream assets by swapping some of their power from embodied energy to renewables.

In low-carbon molecules, OQ has made great strides by signing joint development agreements and memorandums of understanding to develop four green hydrogen mega projects for the production of green ammonia with partners. leading international. These megaprojects include the Hyport Duqm project, the Green Energy Oman (GEO) project, the Hydrogen Oman (H2Oman) project, and the Salalah 2 project.

In addition, OQ’s social investment projects have reached 25 in several governorates in the fields of education, health and environment.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).