Gulf Energy wins $100mln contract extensions in Oman

National Energy Services Reunited (NESR), an international leading provider of integrated energy services in the Middle East and North Africa, announced that its Oman-based subsidiary, Gulf Energy, has successfully completed negotiations with multiple clients in the sultanate to extend existing well intervention contracts for up to five years.

The multiple contract extensions secured in Oman amounts to US$100mn, NESR said in a statement.

The company said based on Gulf Energy’s excellent service delivery and new technology introductions across various fields, the new contracts range in duration for different clients and reflect the strong mutual trust with the client base in an improving oilfield services landscape.

NESR CEO and chairman Sherif Foda said, “The success of Gulf Energy in its In-Country Value and Omanisation initiatives clearly reflects NESR’s broader localisation ambition as national champion of the MENA region. Our foremost goal is to hire and train Omanis, and cultivate Omani R&D and manufacturing to support our operations.”

Foda said, “These key contract extensions underscore the value that Gulf Energy has been delivering through both unmatched service execution and also technology implementation with a focus on operational decarbonisation. I sincerely thank our esteemed customers in for their support of Gulf Energy, which remains a key cornerstone of the NESR growth platform as a whole.”

Gulf Energy currently works with almost all of the major energy operators in Oman including Petroleum Development Oman (PDO), BP, Occidental Petroleum Corporation, ARA Petroleum Oman B44 Limited, Medco Energi, OQ, CC Energy Development (CCED) and PetroTel Oman.

Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA region. With over 5,000 employees, representing more than 60 nationalities in over 15 countries, the company provides production services such as hydraulic fracturing, cementing, coiled tubing, filtration, completions, stimulation, pumping and nitrogen services. NESR also helps its customers to access their reservoirs in a smarter and faster manner by providing drilling and evaluation services.

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