3 days ago
OQEP reports RO 317.4 million half-year EBITDA
MUSCAT: OQ Exploration & Production (OQEP) posted earnings before interest, tax, depreciation and amortisation (EBITDA) of RO 317.4 million ($825.6 million) for the first half of 2025, with revenue of RO 428.1 million ($1.1 billion), according to its audited results.
Adjusted cash flow from operations rose 20 per cent to RO 289.2 million, while return on capital employed reached 24.4 per cent (25.8 per cent in Q2). The cash balance increased by 31 per cent year-on-year.
The Board recommended basic quarterly dividends of RO 57.7 million for the second and third quarters of 2025, and a performance-linked H1 dividend of RO 44.2 million, to be paid in September and November.
Operationally, average daily output was 222.3 thousand barrels of oil equivalent (kboe/d). Strategic projects advanced, including the early commissioning of the Basat C expansion, extension of the Block 53 exploration and production agreement to 2050, and the start of construction at the Marsa LNG project in Sohar.
CEO Eng Ahmed bin Saeed al Azkawi said performance was strong despite softer oil prices, driven by higher sales volumes and efficiency gains, and reaffirmed OQEP's commitment to growth in line with Oman Vision 2040.
Average daily volumes comprised 120.1 thousand barrels of oil and condensates and 102.3 thousand barrels of gas. The Basat C expansion added 37 thousand barrels per day of processing capacity, improved production facilities and increased well tie-in capacity.
The Block 53 agreement extension adds an estimated 800 million barrels of oil to future output. The $1.6 billion Marsa LNG project with TotalEnergies will be among the lowest-carbon LNG terminals globally.
New exploration agreements with Genel Energy and Turkish Petroleum Corporation cover promising concessions, with drilling planned in Blocks 54, 47 and 11. Up to $25 million will be invested over three years. Additional concessions (18, 36, 43A, 66 and 15) will be marketed through 2025–2026 to attract foreign investment, keeping production between 220,000 and 230,000 boe/d, while tightly managing costs. — ONA
