Oxy achieves record production in Oman

Date

8/7/2016 8:39:50 AM

(MENAFN- Muscat Daily) Muscat-

Occidental petroleum Corporation (Oxy) achieved record production in Oman during the second quarter of 2016.

Announcing its results last week, Oxy said total output increase during the quarter was driven by record production in Abu Dhabi and Oman.

'Total company production for on-going operations increased to 609,000 BOE per day from 590,000 BOE per day in the first quarter. The increase was driven by record production in Abu Dhabi and Oman,' Oxy president and CEO Vicki Hollub said in a company release.

Vicki Hollub

Hollub said an additional 7,000 BOE per day came from Block 62 in Oman, where a recently constructed gas plant was put online to process production from two newly developed gas fields. "The plant was completed on time and on budget. This enabled us to achieve record production in Oman in the second quarter.'

The Houston, US-based company's operating cash flow from continuing operations for the second quarter of 2016 was more than US$800mn, with total cash on the balance sheet at June 30, 2016, of US$3.8bn. The company reported a loss of US$139mn for the second quarter of 2016.

Internationally, Oxy's average daily production volumes from on-going operations were 307,000 BOE for the second quarter of 2016, compared to 283,000 BOE in the first quarter of 2016 and 254,000 BOE in the second quarter of 2015.

'The increase in average daily production of 24,000 BOE from the first quarter of 2016 mainly reflected the completion of scheduled maintenance at Al Hosn Gas (Abu Dhabi) in the first quarter along with increased production from Oman's Block 62.

'Compared to the second quarter of 2015, the increase in average daily production volumes of 53,000 BOE mainly reflected production from Al Hosn Gas, which was not fully operational in the second quarter of 2015, and Oman's Block 62 production, which commenced in 2016,' it said.

Oxy added the rise in production from Al Hosn and Oman's Block 62, along with strong output growth from Permian resources will help the company reach the higher end of its production guidance of four to six per cent growth for 2016.

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.