Masirah Oil Expands its Offshore Operations with a New Drilling Rig Contract
Masirah Oil Limited, a leading operator in Oman’s offshore energy sector, is set to embark on a significant expansion of its operations in Block 50 by signing a new drilling rig contract. The contract, signed with Northern Offshore Ltd., marks a pivotal moment for Masirah Oil as it seeks to enhance production capabilities and unlock the full potential of the Yumna Field.
Amidst a competitive market environment, Masirah Oil secured the Energy Emerger jack-up drilling rig for its upcoming drilling campaign in Block 50. The contract signifies a strategic move by Masirah Oil to leverage cutting-edge technology and expertise to drive growth in Oman’s offshore oil and gas sector.
The drilling program, slated to commence in mid-March 2024, encompasses a comprehensive multi-well campaign in the Yumna Field. Masirah Oil plans to undertake drilling activities for a new in-field well and conduct workovers on two existing production wells. This ambitious program underscores Masirah Oil’s commitment to maximizing reservoir potential and optimizing production efficiency.
Mike Hopkinson, General Manager of Masirah Oil, expressed gratitude for the support and assistance from Oman’s Ministry of Energy and Minerals. The collaboration highlights the synergistic relationship between the government and the private sector in driving the nation’s energy agenda forward and fostering sustainable development.
Masirah Oil’s operations in the Yumna Field have yielded promising results, with gross production reaching an average of 1,732 stock tank barrels per day in January 2024. This milestone underscores the viability and productivity of Block 50 as a key contributor to Oman’s energy landscape.
As the operator and sole holder of Block 50 Oman, Masirah Oil is at the forefront of pioneering exploration and production activities in the region. The company’s strategic partnership with Singapore-based Rex International Holding further strengthens its position as a leading player in the global energy market.
Masirah Oil’s adoption of advanced drilling technologies underscores its commitment to operational excellence and sustainability. By embracing innovative solutions and best practices, the company aims to enhance reservoir recovery rates, minimize environmental impact, and maximize stakeholder value.
Masirah Oil remains focused on driving long-term growth and value creation through strategic investments, operational efficiencies, and portfolio optimization. The company is poised to capitalize on emerging opportunities in Oman’s offshore sector and contribute significantly to the nation’s economic prosperity.
The signing of the drilling rig contract represents a significant milestone for Masirah Oil and underscores its unwavering commitment to excellence, innovation, and sustainability in the offshore energy sector. With a clear vision, robust capabilities, and strong partnerships, Masirah Oil is well-positioned to navigate the evolving energy landscape and deliver sustainable value for its stakeholders.
