MUSCAT – Adjusted cash flows from operations grew 7.5 percent to RO 540.5 million, while the company recorded a return on operating capital of 51 percent. Shareholders received RO 275 million in cash dividends, and 27.5 million shares were repurchased under the buyback programme.

A fourth-quarter dividend of 7.23 baisa per share is proposed and will be approved at the annual general meeting.

CEO Mahmoud bin Abdullah Al Hashmi said the results reflect OQ Exploration and Production’s ability to operate efficiently under fluctuating market conditions. Despite a 12.5 percent decline in oil prices, the company achieved growth in oil and condensate sales, driving significant returns on capital.

Operational achievements included the expansion of the Basat C oil processing plant in Block 60 to 95,000 barrels per day and water processing capacity exceeding 800,000 barrels per day, as well as the commissioning of the Basat power station connected to the national grid to enhance electricity supply, reduce costs, and lower emissions. Work also progressed on the Marsa LNG project, with over 39 percent completion by year-end, supported by long-term gas sales agreements for concession areas 65 and 10.

The company signed four new exploration and production sharing agreements and amended others, extending exploration rights in key concession areas and establishing new partnerships, including one with Genel Energy in concession area 54. OQ Exploration and Production achieved an average daily production of 224,000 barrels of oil equivalent, with 54 percent from oil and condensate and 46 percent from gas.

CEO Al Hashmi noted that the company aims to raise production to 300,000 barrels of oil equivalent per day by 2030, financed through internal cash flows and controlled debt levels, while maintaining future shareholder dividends at 25–35 percent of operating cash flows.