Simple CreateObject Outlook.Application does not work

Hello everybody,

I have a issue which I am not able to fix, I hope someone had a similar problem and can help me.

Old Environment: Office 2016 -> Works

New Environment: Microsoft 365 Apps for Enterprise -> Does not Work

Here is my simple script which gives me a runtime error when executed in Excel (365 Apps for Enterprise). Error: '-2147024770 (8007007e)' The module could not be found.

Dim OutlookApplication as Object

Set OutlookApplication = CreateObject("Outlook.Application")

Same command works fine in Office 2016, so wondering what the hell changed between the both Office versions. I am running the "classic Outlook" not the new one in 365 Apps for Enterprise.

Big Thanks in advance!