Oman: Investment in Oil, Gas Exploration, Production Stand at $5.84 Bn

Oil companies operating in Oman drilled many exploratory wells in various oil and gas concession areas, targeting different reservoirs at varying depths (Oman News Agency)
Oil companies operating in Oman drilled many exploratory wells in various oil and gas concession areas, targeting different reservoirs at varying depths (Oman News Agency)
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Oman: Investment in Oil, Gas Exploration, Production Stand at $5.84 Bn

Oil companies operating in Oman drilled many exploratory wells in various oil and gas concession areas, targeting different reservoirs at varying depths (Oman News Agency)
Oil companies operating in Oman drilled many exploratory wells in various oil and gas concession areas, targeting different reservoirs at varying depths (Oman News Agency)

The total volume of investment in oil and gas exploration, production, and development during the first half of 2023 reached $5.84 billion, announced Director General of Oil and Gas Exploration and Production at the Energy Ministry Saleh al-Abbouri.

Abbouri said that capital expenditure, including geological surveys, drilling, and facilities, accounted for 62 percent of total investment, while 38 percent went to operating expenses.

According to Oman News Agency, the official indicated that during 2023, oil companies operating in Oman drilled many exploratory wells in various oil and gas concession areas.

The operations targeted different reservoirs and at varying depths, indicating that the initial results of some of the wells are “promising” and will be confirmed through long-term testing that may extend for several months or more, said Abbouri.

Some wells need further study and testing, with the primary objective of maintaining stable levels of production and reserves.

Untapped concession areas are open areas for investment, said Al Abbouri, noting that the Ministry launched a tour of bidding early this year for Blocks 15, 54, and 36, which received significant interest from several local and international companies.

The Ministry is currently studying the offers, and the areas will be assigned shortly.

Abbouri stated that Occidental Oman recently announced operations within the Block 65 oil field, noting that the well is not exploratory but one related to previously discovered fields.

The well’s initial production reaches 6,000 barrels of oil equivalent per day, which is relatively higher in volume than wells previously explored in the region.

However, he indicated that the production there is expected to decrease naturally.

Abbouri explained that the company is currently working on a water injection project to maintain the same production levels from this well and wells to be drilled in the same field.

He affirmed that Oman is committed to its agreement with the Opec+ countries to reduce its crude oil production.

Oman has announced a voluntary reduction of 40,000 barrels per day of crude oil in May 2023, said Abbouri, adding that the country is committed to doing so until December 2024.



Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.