Oman has big ambitions to expand its gas ventures. The start-up of BP’s 1bn cfd Khazzan tight gas project in 2017 spurred Oman’s gas revolution, with the second phase 500mn cfd Ghazeer play boosting the sultanate’s production to record levels when it came online in 2020. This success sparked international interest in Oman’s unconventional gas plays, with firms such as Shell, TotalEnergies and Eni hoping to replicate BP’s success.
The IPO prospectus published on 11 February of state-owned drilling firm Abraj provided evidence of the extent to which unconventional gas is driving Oman’s upstream expansion. Abraj is currently wholly owned by state-firm OQ, and 49% of it is being listed on Muscat’s stock exchange in a bid to raise around $244mn (MEES, 17 February). Abraj holds the largest market share for drilling services in Oman, and according to the prospectus, is the 12th largest contractor in the Mena region by fleet size with 25 drilling rigs and five workover rigs. (CONTINUED - 846 WORDS)
