Muscat – CEO Ahmed bin Saeed Al Azkawi said the results affirm OQEP’s steady momentum in developing Oman’s energy sector, noting that 86 percent progress has been made on the flagship Bisat C Expansion Project in Block 60, which is on track for commissioning in Q3 2025. The project is set to add 37,000 barrels of daily oil processing capacity, significantly boosting the company’s production capabilities.

Financial and Operational Highlights – Q1 2025:
• Revenue: RO 205.5 million (USD 534.4 million)
• EBITDA: RO 152.7 million (USD 397.1 million), with a strong margin of 74 percent.
• Net profit (excluding discontinued operations): RO 74.87 million (USD 194.7 million).
• Cash flow from operations (excluding working capital): RO 141.8 million (USD 368.8 million)
• Return on Capital Employed: 22.2 percent.
• Strong cash balance of RO 118.8 million (USD 309.0 million) with low leverage ratio at 0.4x EBITDA.
• Average daily production: 221.2 kboepd
• Realised prices: Oil at USD 75.3/bbl, Gas at USD 3.21/mmscf
• Base dividend: RO 57.7 million (USD 150 million) to be paid in May
Commenting on the positive growth chart, Al Azkawi stated: “OQEP has made a robust start to the year as we continue to execute against 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. 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. We received a six-month extension to complete exploration drilling at Block 47, which we are working with our partner ENI. Indications so far are that this could unlock potentially good levels of gas resources in North Oman.
“Across the rest of our portfolio, we have continued to generate value in line with our strategy. Production was stable, although slightly reduced when compared to last year as we successfully undertook planned maintenance work at our key joint venture asset. 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.

“Since the end of the first quarter, the outlook for the global economy has changed significantly. OQEP has successfully navigated several economic downturns in our history, and we are well positioned to manage what is likely be a challenging period. We have high quality assets from which we are able to produce at low cost to continue to meet the long-term growing demand for energy, enabling value generation for our shareholders.

“Our dividend policy remains unchanged, and we expect to be returning OMR 230.7 million (USD 600 million) this year and in 2026 to our shareholders in the form of a base and performance dividend subject to Board and shareholders’ approval. Our first quarter 2025 base dividend of OMR 57.7 million (USD 150 million) will be paid in May 2025.”

Strategic Developments:
• OQEP entered into an Exploration and Production Sharing Agreement with Genel Energy and the Government of Oman, securing 60 percent operational interest in the underexplored Karawan Concession.
• OQEP and partner ENI Oman secured a 6-month extension for drilling at Block 47, where early indications point to promising gas potential.
• OQEP, in partnership with Scotiabank, is actively promoting investment opportunities in Blocks 18, 36, 43A, and 66 on behalf of the Ministry of Energy and Minerals.
Post-period, the company also marked a major milestone with the groundbreaking of the Marsa LNG project in Sohar on May 1. The joint venture with TotalEnergies (OQEP holding 20 percent) aims to deliver one of the world’s lowest-emission LNG plants, supporting Oman’s long-term energy transition goals.
OQEP expects production for the full year 2025 to be within the range of 220 – 230 kboepd net working interest; Operating Expenditure to be less than USD 10/boe; and Capital Expenditure to be within the range of USD 0.7 – 1.0 billion.