Muscat, Oman—Abraj Energy Services, Oman's leading oil and gas services provider, has inked an MOU with Sonatrach, the Algerian oil and gas group. This agreement aims to create new business opportunities and foster integrated project management in the oil and gas services sector between the two countries.
The MOU was signed by Eng Saif Al Hamhami, CEO of Abraj Energy Services, and Mr. Farhat Aounougui, Vice President of Business Development and Marketing at Sonatrach. The signing was witnessed by Mr Rachid Hachichi, the CEO and Chairman of Sonatrach Group, Mr Ayad Al Balushi, Chairman of Abraj Energy Services, several senior officials from both companies and H.E. Dr Mohamed Ali Bougazi, the Algerian Ambassador to the Sultanate. The event was held at the W Hotel in Muscat during a three-day visit by Sonatrach's delegation to Abraj Energy Services.
Eng. Saif Al Hamhami, the CEO of Abraj Energy Services, said: "We are delighted to sign this MOU with Sonatrach, which is a crucial step towards bolstering cooperation between Oman and Algeria in the oil and gas sector. This partnership reflects our mutual commitment to leverage our capabilities and expertise to enhance joint business opportunities in oilfield services and integrated project management."
He added, "The Algerian delegation's visit marks a significant step towards achieving our goals and strategic plans, and we look forward to a bright future together in various fields."
The MOU aims to facilitate the exchange of expertise, knowledge, and technology between Abraj Energy Services and Sonatrach, which oversees Algeria's energy and petroleum sector. It seeks to provide drilling and well services and integrated project management in Algeria's oil and gas fields.
Mr Rachid Hachichi, Sonatrach's CEO and Chairman comments: "The signing between Sonatrach and Abraj Energy Services heralds a new chapter in the collaborative efforts between Algeria and Oman in the energy sector. This MOU is more than a simple agreement; it is a bridge connecting the expertise and resources of two leading national companies, aiming to spearhead innovation and excellence in the oil and gas industry. We at Sonatrach are confident that this partnership will unlock numerous synergies and pave the way for sustainable development and prosperity for both our countries."
This agreement also serves as a testament to the strong economic relations between the two companies and enhances economic and knowledge exchange in the energy sector between the two countries. Abraj Energy Services is committed to expanding its network of partners and clients and strengthening its service portfolio with innovative and sustainable solutions in North Africa.
These efforts are part of Abraj Energy Services' strategic and expansion plans to enter African markets following its success in operating several drilling platforms and providing competitive services and solutions in the Wafra field shared between Kuwait and Saudi Arabia earlier this year.
Abraj Energy Services has rapidly evolved its competitive services and growth plans, retaining 30% of the largest market share locally and adopting cutting-edge technologies and innovative solutions tailored to industry and client needs. The company's transformation into a public joint stock company earlier in 2023 has leveraged strategic partnerships and investor confidence to drive growth and offer competitive solutions while gaining customer loyalty. The company is also looking to expand into regional and global markets as part of its future strategic agenda.
About Abraj Energy Services:
Abraj Energy Services is Oman's leading oil and gas services provider, specializing in drilling, well maintenance, and integrated project management. With a strong focus on innovation and technology, Abraj Energy Services is committed to delivering high-quality, sustainable solutions to meet the evolving needs of the energy sector.
About Sonatrach Group:
Sonatrach Group is the largest oil and gas company in Algeria and Africa. It is engaged in the exploration, production, pipeline transportation, and marketing of hydrocarbons and byproducts. It is a key player in the Algerian economy and a major contributor to the global energy supply chain.