Omani state upstream firm OQ Exploration and Production (OQEP) has announced its 2030 strategy, where it targets 300,000 boe/d of working interest output while maintaining a reserve replacement ration of at least 100%.
The company has been in expansion mode over the past decade and is showing no signs of slowing down (see chart 1). OQEP’s working interest was hovering around 40,000 boe/d until two major projects came online in 2017, driving rapid growth; namely the expansion of its Bisat oil field in Block 60 and the startup of the BP-led 1bn cfd first phase Khazzan tight gas project in Block 61 (BP 40%op, OQEP 30%, Petronas 10%). (CONTINUED - 1269 WORDS)
