OQEP
Announces Net Profit Exceeding RO 74.9 Million

Muscat,
8 May (ONA) — OQ Exploration and Production Company (OQEP) announced 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).

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. 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 (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 RO 57.7 million (USD 150 million) will be paid
in May 2025.”

—Ends/AG