OQEP reports RO841mn revenue for 2024

02/03/2025 15:27 AST

OQ Exploration and Production (OQEP) has announced its financial results for the fiscal year 2024, achieving an EBITDA of RO614mn. The financial results highlight OQEP's continued ability to generate strong and predictable cash flows from its high-quality asset base.

The company reported full-year revenue of RO841mn for 2024 and delivered full-year production of 228,000 barrels of oil equivalent per day. It also recorded free cash flow of RO251mn for the year.

OQEP has already distributed an aggregate dividend of RO173mn in 2024, and the Board of Directors has proposed an additional cash dividend of RO57.68mn. Shareholders will receive a cash dividend of 7.21 baizas per ordinary share. The proposed cash dividend is subject to the formal approval of the Annual General Meeting of shareholders, scheduled for March 12, 2025.

In a press statement, Ahmed al Azkawi, Chief Executive Officer of OQEP, said, "OQEP has delivered a strong set of results for the year, built upon our position as a low-cost operator of high-quality assets, generating industry-leading returns. During the year, OQEP listed its shares on the Muscat Stock Exchange. The offer generated strong investor demand and raised RO780mn. As part of our strategy to deliver shareholder value, we announced a planned return of capital in the form of dividends, with a target base dividend of RO230mn for 2025 and 2026, subject to company performance and board approval."

"We continue to develop our assets in line with our strategy. We were able to increase the reserves of our key asset, Block 60, through improved recovery techniques, including infill drilling and new discoveries. We are also discussing with our partners the opportunities to unlock further growth across our portfolio, as well as pursuing new licensing opportunities."

Azkawi added that OQEP's strategy will continue to generate value for its shareholders and help secure a sustainable and secure energy future for Oman.

Muscat Daily