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Oman Oil Company (OOC) in brief

Investing for the future of Oman

The Sultanate of Oman established the Oman Oil Company S.A.O.C. (OOC) in 1992 as the national oil company with the mission to build a prosperous future for Oman regardless country’s direct oil and gas revenues.

This mission still guides the Sultanate’s Vision 2020 for its wholly owned Oman Oil Company to used the oil and gas revenues to develop a diversified, sustainable and global economy by 2020.

In this role OOC identifies the strategic sectors still related to the energy business to invest and set partnerships with foreign private sector investment.

In practice, Oman Oil Company’s strategy is structured around core objectives:

 – Develop and invest in profitable businesses within Oman and internationally

 – Create meaningful employment within Oman

 – Grow talent – business leaders and professionals

 – Maximise value from Oman’s resources

To capture the value chain of the oil and gas industry, Oman Oil Company is focusing on projects in partnership with international investors within:

 – Exploration and production

 – Midstream and shipping 

– Refining and marketing

 – Petrochemicals

 – Power and aluminium

 – Infrastructure

While diversified, Oman Oil Company focuses on energy related projects.

On midstream the Oman Gas Company (OGC), a 80/20 joint venture between the Sultanate of Oman and OOC operates the Oman natural gas pipeline system of 1,800 kilometers, connecting the natural gas fields to the power plants.

In 2007, the Oman Ministry of Finance and OOC decided to merge into the Oman Refinery and Petrochemicals Company (ORPC) the two companies operating the two Oman’s refineries:

 – Oman Refinery Company running the Mina al-Fahal Refinery of 106,000 b/d capacity

 – Sohar Refinery Company in charge of Sohar refinery of 116,000 b/d capacity

In the newly formed Oman Refinery and Petrochemicals Company, the Ministry of Finance holds 75% and Oman Oil Company 25%.

OOC Key Figures

 – Oil production 2012: 915,000 b/d (estimation)

 – Oil production 2011: 889,000 b/d

 – Oil production 2007: 714,000 b/d

 – Natural gas production 2011: 2.75 billion cf/d

 – Oil proven reserves 2012: 5.5 billion barrels

 – Natural gas proven reserves2012: 30 trillion cubic feet (tcf) 

OOC Projects and Business Highlights

To reduce its reliance on the direct revenues of the oil and gas resources, Oman Oil is planning to invest downstream in refining and petrochemicals.

The main projects are the:

 – Expansion of the Sohar Refinery

 – Greenfield Duqm refinery and petrochemical complex on the southeast coast of Oman.

In 2015-16, OOC, through the Oman Gas Company, will connect the petrochemical complex on the southeast coast of Oman.to supply the natural gas feedstock to the petrochemical complex through a 200 kilometers pipeline.

On the petrochemical side, Oman Oil Company created Takamul Investment Company (Takamul) to leads series of projects all above $500 million capital expenditure such as:

 – Salalah methanol

 – Salalah Ethylene Dicholride,

 – Sohar PET/PTA

 – Sohar Metaxylene/PTA.

In developing its downstream sector to reduce its reliance on the oil market, Oman is turning short of natural gas, leading Oman Oil Company to plan new capital expenditure upstream.

For more information and data about oil and gas and petrochemical projects go to Project Smart Explorer

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