CC Energy Development
CC Energy Development: Thinking outside the box
An associated oil company and subsidiary of Consolidate Contractors Co. (CCC), CC Energy Development was involved in the oil and gas business in Yemen and other countries as a partner in oil field development, not as an operator. Expanding again with CCD, the group has taken on the operator ship of exploration, appraisal, development and production in Blocks 3 & 4 in Oman.
CCED acquired blocks 3 and 4 in Oman in late 2007 — an area that major oil companies unsuccessfully had attempted to explore over a 40-year period with no result — CCED discovered two reservoirs in 2009 and set up a plan for early production testing to identify the best way to develop the fields, as well as conducting additional exploration and appraisal. Three years later producing approximately 16,000 BOPD.
As CCED CEO Shahrokh Etebar explains, “We basically proved that there are still opportunities in Oman for an international oil company to come in, discover, develop, and produce oil to the mutual interests of both the company and the country.”
Taking a different approach than its predecessors, CCED can boast of an extraordinary drilling success rebate of over 88%, “particularly considering the failure of all the major companies before us,” Etebar noted.
CCED Oman’s estimated reserves now total around 100 million barrels with further potential and it continues to appraise and identify additional reserves monthly. It is on track to meet a target of drilling 37 wells this year, including many new discoveries.
The keys to successfully executing its strategy, he continues, “Is teamwork with no bureaucracy. We work in an open environment, we are empowered, we make the decisions, we communicate, we have good relations with our board, with our partners, with the government, and we keep them abreast of all the information.”
“I think that the most important things in any project are skilled people, planning, teamwork, leadership, communication, and good relationships. If you have that, you will be successful,” the CEO elaborated.