OQEP announces OMR317.4mn profits in first half of 2025

Muscat: OQ Exploration and Production (OQEP) announced the achievement of OMR317.4 million ($825.6 million) EBITDA. The company’s audited financial results for the first half of 2025 also indicated the achievement of a revenue of OMR428.1 million ($1.1 billion).

Adjusted Cashflow from Operations increased by 20% to OMR289.2 million ($752.1 million), while Return on Capital Employed for H1 2025 stood at 24.4% (25.8% for Q2 2025).

OQEP’s cash balance increased by 31% compared to the corresponding period in 2024.

OQEP’s Board of Directors proposed a quarterly base dividend for Q2 and Q3 at OMR57.7 million ($150 million) for each quarter. The amount for Q2 will be paid in September 2025, while the amount for Q3 will be paid in November 2025.

As for operations, the company’s production stood at 222.3 kboepd consisting of oil and condensate.

Work is in progress to implement several strategic projects such as the Bisat C Expansion commissioning ahead of schedule and the Block 53 EPSA extension to 2050 with improved fiscal terms. Construction of Marsa LNG project also started, anticipated to be ready in 2028.

Ahmed Al Azkawi, Chief Executive Officer of OQEP, commented: “OQEP’s strategy has delivered a robust set of financial results for the half year, despite the macroeconomic challenges the sector faced during the period. With the reduction in the price of oil, OQEP successfully increased its sales volume of oil and condensates during the period, enabling our revenue to perform comparably to the first half of 2024.

“We continued to progress initiatives and commercial negotiations across all our assets to further develop organic value. The Bisat C Expansion project at Block 60, which will provide an additional oil processing capacity of 37,000 barrels of oil a day, was commissioned in June, ahead of schedule. In May, OQEP, together with Oxy and other partners, announced an extension to 2050 for Block 53’s EPSA which will see a potential additional 800 million gross oil barrels produced on improved fiscal terms. Initial construction of the Marsa LNG plant, a USD 1.6 billion joint venture with our partners, TotalEnergies, commenced in the second quarter.

“OQEP continued to attract international partners including Genel Energy and, post period, the Turkish Petroleum Corporation (“TPAO”) with the signing of new exploration deals.