Latest news with #OQExploration&Production
Muscat Daily
12-05-2025
- Business
- Muscat Daily
OQEP signs RO21mn contracts with local firms
Muscat – OQ Exploration & Production (OQEP), the leading exploration and production company listed on the Muscat Stock Exchange, announced on Monday the signing of four major contracts exceeding RO21mn during its participation in the Oman Petroleum & Energy Show 2025. These agreements with local companies and small and medium enterprises (SMEs) operating in Oman's concession areas reflect OQEP's commitment to enhancing In-Country Value (ICV). OQEP signed a contract with Technical Services Company to develop a fully integrated residential camp within the Bisat Project at Block 60. The contract includes engineering, manufacturing, procurement, installation and operational services, with completion scheduled for June 2026. The facility, designed to accommodate between 360 and 460 individuals, will directly support Bisat field operations while contributing to Omanisation objectives. In addition, OQEP concluded a two-year agreement with Shalim Oil Company, with an option to extend for a further two years. This strategic decision will ensure the continued employment of over 80 former Shalim staff, reinforcing OQEP's commitment to workforce stability and long-term local engagement in its oil fields. Shalim, a recognised local service provider, specialises in light land drilling rigs for Block 60, OQEP's principal hydrocarbon concession. A third contract was signed with Rimal Al Sahra Oil & Gas to supply casing materials for Blocks 60 and 48 under a four-year agreement, with an optional two-year extension. This collaboration reflects OQEP's growing capability in providing essential well construction components, while supporting local procurement and reducing reliance on imports. The fourth contract was awarded to Shuram LLC, an Omani SME holding a Riyada card, for essential analytical services across Blocks 60, 48 and 8. As the only specialised laboratory service provider for the oil sector in Oman, Shuram's partnership with OQEP underscores the company's focus on supporting high-performing SMEs and strengthening in-country expertise. Jaber al-Namani, Chief Financial Officer at OQEP, said, 'These contracts reaffirm OQEP's steadfast commitment to ICV by forging strategic partnerships with local businesses and enabling Omani talent at all levels of operation. We believe that investing in human capital and local infrastructure is key to achieving sustainable economic growth and boosting the competitiveness of Oman's energy sector in the long term.' 'By signing these agreements with SMEs in concession areas, we are reinforcing their role in driving national economic contribution while supporting private sector development and workforce empowerment,' he added.
Zawya
04-03-2025
- Business
- Zawya
Oman: MSX continues bearish trend as main index declines by 2.4% in February
Muscat – The benchmark index of the Muscat Stock Exchange (MSX) has continued its downward trajectory in 2025, declining by 2.4% in February to close the month at 4,435.9 points. This followed a 0.7% drop in January, reflecting a continued bearish trend. Throughout February, the MSX30 Index traded within a narrow, declining range, primarily due to a lack of significant market catalysts, according to a research report released by Kamco Investment. Sectoral performance on the MSX was mixed, with two out of the three sector indices on the exchange recording losses during the month, while the third reported a gain. The Financial Index fell by 1.1%, closing the month at 7,739.7 points. This decline was largely driven by losses in shares of major companies within the sector, including National Bank of Oman (-4.8%) and Sohar International Bank (-3.6%). The Services Index also declined during the month, falling by 3.5% to close at 1,632.9 points. In contrast, the Industrial Index posted a notable monthly gain of 7.8%, closing in February 2025 at 5,832.22 points. In terms of company performance, Al Jazeera Steel Products topped the gainers list with a share price gain of 25.4%, followed by Oman Cement and Construction Materials Industries, which recorded monthly share price gains of 24.0% and 20.6%, respectively. On the decliners' side, Oman Cables Industry led the chart with a share price fall of 11.6%, followed by Ooredoo Oman and Muscat Gases, which saw share price drops of 10.3% and 10.0%, respectively. Trading activity rises Trading activity on the MSX saw strong gains in February. The total volume of shares traded on the exchange increased by 166.4%, rising to 1.1bn shares in February compared to 424.8mn shares in January. Similarly, the total value traded on the exchange increased by 204.5%, reaching RO217mn against RO71.3mn in January. OQ Exploration & Production topped the monthly value traded chart with trades amounting to RO13.8mn, followed by OQ Base Industries and Bank Muscat, with total values traded of RO5.2mn and RO4.2mn, respectively. In terms of monthly volume traded, Ahlibank topped the list with 828mn shares, followed by OQ Base Industries and OQ Exploration & Production with volumes of 51.3mn shares and 43.6mn shares, respectively. GCC markets According to Kamco Investment's report, after witnessing healthy gains at the start of the month, the GCC MSCI Index closed February with a marginal decline, led by a fall in large-cap stocks. The decline occurred despite positive performance recorded by three out of the seven exchanges in the region. 'The decline reflected a fall in key global markets, including the US, driven by factors such as an economic slowdown, the geopolitical standoff between Russia and Ukraine, elevated valuations, and the uncertainty surrounding trade wars. Crude oil also had an uneventful month, declining by 4.7% due to increasing supply,' the report said. The GCC monthly performance chart showed a marginal decline of 0.4% for the MSCI GCC Index. At the exchange level, Bahrain was the best-performing market during the month with a gain of 4.3%, closely followed by Kuwait with a gain of 4.1%. Dubai also registered growth of 2.6%. On the other hand, Saudi Arabia was the biggest declining market in the region, falling by 2.4%, in line with the decline in Oman. Qatar and Abu Dhabi followed with declines of 2.1% and 0.2%, respectively. In terms of year-to-date performance, the GCC remained in the green with a gain of 2.6%, reflecting gains at the start of the year. Kuwait was the best-performing market. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Zawya
28-02-2025
- Business
- Zawya
New gas output from Oman's' Block 61 to fuel 4th LNG train project
A proposed fourth LNG train will boost the combined capacity of the LNG complex at Sur to around 15.2 MMTA Block 61, one of Oman's biggest gas blocks accounting for nearly a third of the country's natural gas production, is now the focus of renewed efforts to unearth additional reserves that could support the feedstock requirements of future projects, as well as a proposed 4th LNG train planned at Sur on the country's east coast. According to OQ Exploration & Production (OQEP), which owns a 30 per cent working interest in the prolific BP-operated block, a field development plan (FDP) covering the non-associated gas and condensate asset in central Oman is currently being refreshed to help identify potential new reserves. 'The Field Development Plan (FDP) is being updated to evaluate the block's full potential recoverable gas resources for future growth projects beyond the current Gas Sales Agreement (GSA) and to supply gas for potential new LNG train in Sur,' said Ahmed al Azkawi, CEO of OQEP – the upstream arm of OQ Group – in the company's newly released 2024 financial report. Plans for a fourth LNG train, first announced by the Omani government last July, centre on the development of a 3.8 million metric tonnes per annum (MMTA) capacity plant that will boost the overall capacity of the LNG complex at Sur to around 15.2 MMTA. A Final Investment Decision (FID) is however contingent on securing new uncommitted gas feedstock, as well as long-term offtake commitments for the additional LNG output. US-based global engineering technology giant KBR is currently undertaking the front-end engineering design (FEED) contract for the 4th LNG train project, The contract award also entails the expansion of utilities, an LNG tank, the jetty, and associated infrastructure. If green-lighted for implementation, it is targeted for commissioning only in 2028. Gas output from Block 61, with its Khazzan and Ghazeer tight-gas reservoirs, averages around 1.5 billion cubic feet (bcf) per day. Together with its condensate output, the Block contributed about 40 per cent of OQEP's working interest production in 2024, helping the company achieve its production target for the year. Block 61 is part of OQEP's sizable portfolio of 14 upstream oil and gas assets in the Sultanate of Oman. BP as operator owns a 40 per cent working interest, with PTTEP (20 per cent) and Petronas (10 per cent) as partners as well. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
27-02-2025
- Business
- Observer
New gas output from Oman's' Block 61 to fuel 4th LNG train project
Block 61, one of Oman's biggest gas blocks accounting for nearly a third of the country's natural gas production, is now the focus of renewed efforts to unearth additional reserves that could support the feedstock requirements of future projects, as well as a proposed 4th LNG train planned at Sur on the country's east coast. According to OQ Exploration & Production (OQEP), which owns a 30 per cent working interest in the prolific BP-operated block, a field development plan (FDP) covering the non-associated gas and condensate asset in central Oman is currently being refreshed to help identify potential new reserves. 'The Field Development Plan (FDP) is being updated to evaluate the block's full potential recoverable gas resources for future growth projects beyond the current Gas Sales Agreement (GSA) and to supply gas for potential new LNG train in Sur,' said Ahmed al Azkawi, CEO of OQEP – the upstream arm of OQ Group – in the company's newly released 2024 financial report. Plans for a fourth LNG train, first announced by the Omani government last July, centre on the development of a 3.8 million metric tonnes per annum (MMTA) capacity plant that will boost the overall capacity of the LNG complex at Sur to around 15.2 MMTA. A Final Investment Decision (FID) is however contingent on securing new uncommitted gas feedstock, as well as long-term offtake commitments for the additional LNG output. US-based global engineering technology giant KBR is currently undertaking the front-end engineering design (FEED) contract for the 4th LNG train project, The contract award also entails the expansion of utilities, an LNG tank, the jetty, and associated infrastructure. If green-lighted for implementation, it is targeted for commissioning only in 2028. Gas output from Block 61, with its Khazzan and Ghazeer tight-gas reservoirs, averages around 1.5 billion cubic feet (bcf) per day. Together with its condensate output, the Block contributed about 40 per cent of OQEP's working interest production in 2024, helping the company achieve its production target for the year. Block 61 is part of OQEP's sizable portfolio of 14 upstream oil and gas assets in the Sultanate of Oman. BP as operator owns a 40 per cent working interest, with PTTEP (20 per cent) and Petronas (10 per cent) as partners as well.
Zawya
12-02-2025
- Business
- Zawya
MENA region recorded 54 IPOs raising $12.6bln during 2024
MUSCAT: The Middle East and North African (MENA) market saw a total of 54 initial public offerings (IPOs) in 2024, raising $12.6 billion in total. When compared to 2023, last year recorded a 12.5 per cent increase in the number of IPOs and a 17.6 per cent rise in proceeds, according to the EY MENA IPO Eye Q4 2024 report. The year-on-year increase in proceeds for 2024 was impacted by a number of large-value IPOs such as Talabat Holding plc, OQ Exploration & Production and Lulu Retail Holdings PLC that were listed during the last quarter of the year. Brad Watson, EY MENA Strategy and Transactions Leader, commented: 'The year 2024 ended on a strong note with 54 IPOs in total, the highest in MENA over the past seven years. The region has been one of the busiest when compared to the global market. The momentum is expected to continue into 2025, with companies from various sectors announcing their intention to come to market. In addition, regional exchanges are actively working on initiatives to promote family-owned businesses and small to medium enterprises, aiming to strengthen the capital markets infrastructure and boost future liquidity. The market is also anticipating the Arena platform from the DFM, which is expected to launch in 2025.' During Q4 2024, 25 IPOs raised $7.9 billion, which represents a 32 per cent increase in number and a 59.4 per cent surge in proceeds when compared to Q4 2023. Talabat Holding plc, which listed on the Dubai Financial Market (DFM), raised the highest proceeds, contributing 25.8 per cent of the overall proceeds for Q4 2024. It was followed by OQ Exploration & Production, which listed on the Muscat Stock Exchange (MSX) and raised $2.0 billion - the largest IPO in Oman to date - and accounted for 25.3 per cent of the total quarterly proceeds. The Kingdom of Saudi Arabia (KSA) dominated the region's IPO activity with 17 out of the 25 listings in Q4 2024, with total proceeds of $1.2 billion. Five IPOs took place on the Tadawul Main Market with total proceeds of $1.1 billion. Arabian Mills for Food Products Company and United International Holding Company marked the highest proceeds at $0.3 billion each. The remaining 12 IPOs, raising $119 million in total, were listed on the Nomu – Parallel Market. In the United Arab Emirates (UAE), the Abu Dhabi Securities Exchange (ADX) welcomed two IPOs in Q4 2024 with US$2.0b in combined proceeds. Lulu Retail Holdings PLC raised $1.7 billion, and ADNH Catering PLC raised $235 million. The ADX also saw a direct listing of Mair Group. In Dubai, the DFM had one new listing in Q4, Talabat Holding plc in the consumer and technology sector, raising $2.0 billion. The outlook for MENA IPOs in 2025 remains positive, with 38 companies and 22 funds intending to list on the region's exchanges across a variety of sectors. Among the GCC countries, KSA remains the lead in listings with 27 companies in the pipeline, followed by the UAE with three, and Qatar with one. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
