Muscat, July 20 2020 – CC Energy Development (CCED) have marked their 100 millionth barrel milestone as they continue with their strategic, long-term operations in the Sultanate. Adopting a ‘think global, act local’ mindset, the value-driven energy company has organically grown production to exceed 45,000 bbl/day. Amid the ambiguity of COVID-19 and a challenging economy, CCED have remained steadfast towards their upstream energy targets and are set on an ambitious path to further boost production and exploration activities.
CCED Managing Director, Walter Simpson, said “It gives me great pride to have achieved this milestone and it’s a well-deserved recognition for our team who have been unwaveringly committed since we began operations in Oman. We have a fundamental commitment to drive local communities and national development through the power of sustainable hydrocarbon production and it’s encouraging to see that, despite a challenging and uncertain environment, our company is resilient and our capacity for growth is strong.”
The milestone achievement comes after more than a decade of consistent growth and a responsibility to build sustainable output for Oman and its people. Since acquiring Blocks 3 and 4 in 2007, CCED and its partners – Tethys Oil and Mitsui E&P Middle East – have built a valuable oil production operation from the large concession. Despite the economic restraints of production restrictions, the energy producer has remained buoyant, setting an exemplary standard of safety while embracing technology and innovation for business continuity during the global COVID-19 pandemic.
“The company has shown incredible resilience in the face of the unprecedented challenges that we’ve experienced recently and I’m positive that we’ll emerge from this pandemic stronger than before,” added Simpson. “Through it all, we’ve built a workforce that is skilled, adaptable and connected to our long-term ambitions in Oman which, in itself, is a major goal for CCED. While the current global challenges have slowed our growth plans, this is temporary, and we still have ambitious exploration and production targets, including an extensive five-year exploration program and expanding production to 50,000 barrels per day that will see us investing more than US$300 million annually.”
Today, the performance-driven company has successfully applied innovative solutions to optimize activities, including using drone technology to maximize efficiencies during plant inspection and adapting AI and Machine Learning solutions for data analysis. The company also continues to explore methods for monetizing gas by establishing small-scale power generation plants that reduce environmental impact. With long-term plans to build its hydrocarbon resources and increase production, CCED is facilitating local capacity-building to deliver sustainable benefits for future generations.