ARA Petroleum is a new,dynamic entrant to the E&P industry in Oman owned wholly by Zubair Corporation. They are Upstream Oil and Gas Operator of Block44 in Sultanate of Oman.
ARA Petroleum LLC signed Sales and Purchase Agreement (SPA) to acquire PTTEP Oman Company Limited, which holds a 100% interest in Oman’s Block 44.
The company operates in the Upstream Oil and Gas sector of Oman and Block 44 is primarily a natural gas and condensate development. The company has extensive plans to invest for the development of Block44 in Oman to boost the production of the condensate rich gas fields and seeks to develop Oil & Gas resources in Oman as well as abroad.
ARA Petroleum Oman Block 44 Limited is wholly owned by the ARA Petroleum LLC. ( owned 100% by Zubair Corporation)
Oil & Gas Exploration and Production
Oman’s Oil and Gas Industry is the foundation of the country’s economic growth over the five decades since the ascension of His Majesty Sultan Qaboos bin Said to the throne in 1970. The Zubair Corporation has been involved in the service sector of this essential oil industry for more than twenty years, but ARA Petroleum represents a new strategic change for the Corporation.
Private enterprise has always been influential in Oman’s prosperous development and ARA Petroleum’s founding principle is to direct this entrepreneurial outlook onto Oman’s E&P industry. As hydrocarbon resources become more challenging to produce, the benefits of smaller, innovative, dynamic private organizations come to the fore. It was with this challenge in mind that ARA Petroleum was formed in 2014.
The company is managed by an experienced, professional and committed team, which has a track record, gained from working in the international oil and gas industry. Coupling this experience with the challenging E&P environment in Oman will lead to significant opportunities in upside for the country. Oman is fortunate to have a significant number of smaller oil and gas accumulations, which can easily be overshadowed by the focus on larger fields. ARA Petroleum is committed to appraising, developing and optimizing these smaller accumulations to the benefit of the Omani economy and people.
To balance the company’s portfolio, significant time will be invested in identifying and pursuing opportunities outside of Oman which are of strategic interest to ARA Petroleum and The Zubair Corporation as a whole. ARA’s interests in these overseas assets will ultimately be managed by the management team in Oman, leveraging the technical and commercial experience of ARA Petroleum and The Zubair Corporation.
ARA Petroleum is an exciting addition to The Zubair Corporation’s business in Oman and internationally and its growth and success over the coming years is anticipated by all levels of the organization.
Khalid M Al-Zubair
Managing Director – The Zubair Corporation