OQEP announces net profit exceeding OMR74.9 million
Muscat: OQ Exploration and Production Company (OQEP) announced net profit exceeding OMR74.9 million ($194.7 million) during the first quarter of 2025. EBITDA reached OMR152.7 million ($397.1 million).
The company's financials indicate that OQEP achieved revenue during the first quarter of 2025 that reached OMR205.5 million ($534.4 million). Meanwhile, cash flow from operations excluding working capital reached OMR141.8 million ($368.8 million).
Return on capital employed reached 22.2%. OQEP also maintained a strong cash balance of OMR118.8 million ($309.0 million) with a low leverage ratio at 0.4x EBITDA.
Production remained stable at 221.2 thousand barrels of oil equivalent per day compared to 224.4 thousand barrels of oil equivalent per day during the corresponding period of 2024. This production is at an average realised price for oil of $75.3 per barrel compared to $79.7 per barrel during the corresponding period of the previous year. Average realised price for gas stood at $3.21 million per million standard cubic feet compared to $3.36 per million standard cubic feet during the corresponding period of last year.
Eng. Ahmed Said Al Azkawi, Chief Executive Officer (CEO) of OQEP, commented: 'OQEP has made a robust start to the year as we continue to execute our strategy. We made good progress during the period with the Government and our IOC partners to develop the future potential of Oman's energy resources.
He added, 'The recently signed Block 54 EPSA with the Government of Oman represented by the Ministry of Energy and Minerals and Genel for Block 54 marks a first investment for Genel in Oman and the opportunity to assess an under-explored block. We are also busy working with our partner, Scotiabank, to market some promising opportunities on behalf of the Government for Blocks 18, 36, 43A and 66.
'At Block 60, we achieved 86% progression with our Bisat C Expansion project. The project is expected to be commissioned in Q3 2025 and will provide an additional oil processing capacity of 37,000 barrels of oil per day.
'Our first quarter 2025 base dividend of OMR57.7 million ($150 million) will be paid in May 2025.'
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