The event was held under the patronage of His Highness Sayyid Taimur bin Assad al Said, Chairman of the Board of Governors, Central Bank of Oman (CBO) at the Oman Convention and Exhibition Centre (OCEC). It was also attended by members of the Royal Family, ministerial dignitaries, sheikhs, key partners, community leaders and OQ’s executive leadership team.
The Bisat oil field comes as part of OQ’s contribution to supporting the government’s efforts to maximise the use of Omani natural resources and enabling national companies to manage operations in the oil exploration and production sector. This resulted in raising OQ’s share of the total oil production in the Sultanate to 220,000 barrels per day, which represents about 13 per cent of the upstream sector’s contribution to the gross domestic product (GDP) of the Sultanate.
During the inauguration ceremony, Talal bin Hamed Al-Awfi, Chief Executive Officer of OQ Group, gave a speech in which he said: "We are delighted to inaugurate Bisat oil field whose discovery represents a quantum leap in exploration operations, as the focus shifted to the production of crude oil. The field recorded production growth rates from 5,000 barrels in 2019 to 55 thousand by 2022. Today, the Group celebrates a production increase that reached 60,000 barrels per day."
"The Bisat oil field is one of the most important projects of OQ’s upstream sector and Oman Investment Authority’s (OIA’s) national development portfolio. It comes as part of OQ’s efforts to promote the added value of Oman’s natural resources, supports the development plans, improves the revenues and achieves the objectives and aspirations of Oman Vision 2040. It is applying modern technologies and digital solutions to enhance the sustainability of resources and operations," he added.
Al-Awfi continued, "This project contributes to enhancing the company's position and reputation as one of the oilfield developers in the Sultanate. This in turn bolsters the government's confidence in our ability to develop other oilfields. It will also allow us to create job opportunities for our local communities and support nation-building efforts, one of the key goals of Oman Vision 2040.”
He elaborated, "As part of the tireless efforts exerted by OQ to stimulate the productivity of the Omani economy, the in-country value for the Bisat oil field project reached about OMR57 million. In addition, the total amount spent on local SMEs and contractors logged OMR34 million of the overall cost of the project. Products manufactured in Oman accounted for OMR60 million of the total procurement of the project. The project has also created direct and indirect opportunities for the Omani youth, resulting in a high overall Omanisation rate (85 per cent) of the group employees working in concession area no. 60."
The CEO of OQ Group concluded, "The Bisat oil field applies advanced technologies and modern solutions such as the fabricated designs of production stations. This contributed to accelerating the production after two years only following the discovery of the field. As result, the return on investment was maximized within a record time. This reflects the efficiency of the strategy that has been adopted to accelerate the production using the latest technologies, the outstanding levels of national competencies working in the field, and the assiduous efforts exerted to support the targets and visions of our national economy."
It is worth noting that the group adopted and implemented plans and systems that contributed to neutralising the carbon footprint and promoting sustainability values. To this end, the Bisat oil field used new innovative technologies to monitor carbon emissions, gas levels, flaring and energy efficiency for the first time in the Sultanate of Oman. Moreover, the exploration and production arm of OQ used non-metal pipes that have a longer shelf life compared to conventional metal pipes. These pipes could be fixed promptly and flexibly. This resulted in reducing the risks related to the construction works and accelerating the pace of the operation.
His Highness toured the exhibition that was held on the sidelines of the ceremony. This exhibition showcased the stages of the Bisat oil field’s development. He listened to an explanation about the potential of the field and the technologies used in it.