Regional News

Abraj Energy Services expands regional presence

MUSCAT: Abraj Energy Services SAOC (under transformation), the market leader in the Oil & Gas drilling and explorations sector in Oman, signed a strategic partnership with Saudi Arabian Chevron and Kuwait Gulf Oil Company aimed at enhancing opportunities between the two parties through drilling and oil extraction for a period of five years, by building three drilling platforms and providing other related services for the Wafra oil field project located within the Onshore Partitioned Neutral Zone (PZ) in the southern part of Kuwait..

This agreement leverages Abraj’s competitive advantage of being a leading service provider in Oman with a depth of experience and expertise. The collaboration envisages an opportunity to expand its portfolio of services, exchange experiences and adopt best practices in the field of drilling, sustainability and technology in the sector.

Remarking on the importance of this partnership, Saif al Hamhami, Abraj Energy Services CEO, said, “We are pleased to announce our strategic partnership with Saudi Arabian Chevron and Kuwait Gulf Oil Company, emphasizing our commitment to expand our regional footprint in the Middle East and North Africa region. The company is pre-qualified to provide various services in Kuwait, Saudi Arabia and Algeria, where the company’s advanced rigging fleet is linked to long-term contracts with leading national and international companies in the field of exploration and production.”

He added, “Abraj Energy Services is uniquely poised for this opportunity as it owns the most modern and advanced drilling fleets in the Middle East and North Africa region. Consisting of 25 drilling rigs and 5 well maintenance rigs that operate with the latest technology, it offers a competitive advantage to its clients particularly in Saudi Arabia, Kuwait and Algeria.”

In line with its growth strategy, Abraj Energy Services has recently announced the listing of its shares on the Muscat Stock Exchange on February 20, 2023. This was part of the exit plan announced by Oman Investment Authority to facilitate investment opportunities for local and foreign investors in tandem with the goals of Oman Vision 2040. This step aims to enhance the participation of the private sector in various economic fields at the national level.

The offering for the first category extends from February 20 to March 2, 2023, while the subscription stage for the second category is from February 20 until March 1, 2023.

Leave a reply

Your email address will not be published. Required fields are marked *