Muscat: OQ Exploration and Production Company (OQEP) announced a net profit exceeding RO 74.9 million (USD 194.7 million) during the first quarter of 2025. EBITDA reached RO 152.7 million (USD 397.1 million).

According to Oman News Agency, the company’s financials indicate that OQEP achieved revenue during the first quarter of 2025 that reached RO 205.5 million (USD 534.4 million). Meanwhile, cash flow from operations excluding working capital reached RO 141.8 million (USD 368.8 million).

Return on capital employed reached 22.2%. OQEP also maintained a strong cash balance of RO 118.8 million (USD 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 realized price for oil of USD 75.3 per barrel compared to USD 79.7 per barrel during the corresponding period of the previous year. The average realized price for gas stood at USD 3.21 million per million standard cubic feet compared to USD 3.36 per million standard cubic feet during the corresponding period of last year.

Eng. Ahmed Said Al Azkawi, Chief Executive Officer of OQEP, commented on the company’s start to the year and ongoing strategic execution. He highlighted progress with the Government and international partners in developing Oman’s energy resources.

He further noted the significance of the recently signed Block 54 EPSA with the Government of Oman and Genel, marking Genel’s first investment in Oman. OQEP is also working with Scotiabank to market opportunities for Blocks 18, 36, 43A, and 66.

At Block 60, OQEP achieved 86% progression with the Bisat C Expansion project, expecting to commission it in Q3 2025, providing an additional oil processing capacity of 37,000 barrels of oil per day.

The first quarter 2025 base dividend of RO 57.7 million (USD 150 million) is set to be paid in May 2025.