MUSCAT : OQ Exploration and Production has received a long-term “BBB-” rating on the global scale with a stable outlook from international rating agencies S&P Global and Fitch. The company also received an independent credit rating of “bbb-”.
S&P Global further assigned OQ Exploration and Production a regional rating of “gcAA-” at the level of the Gulf Cooperation Council countries.
The ratings reflect the company’s strong financial position, disciplined financial policy, ability to generate stable cash flows, low-cost operating efficiency and its prominent role in Oman’s upstream energy sector.
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Engineer Mahmoud bin Abdullah Al Hashmi, CEO of OQ Exploration and Production, said the investment-grade ratings from two leading international agencies represent an important milestone in the company’s growth journey.
He said the ratings reflect confidence in the strength of the company’s financial and operational performance, the efficiency of its business model and its ability to generate sustainable cash flows in different market conditions.
Al Hashmi added that the ratings will strengthen the company’s presence in financial markets and are supported by several key factors, including long-term exploration and production agreements, stable production levels and a balanced fiscal policy aimed at keeping debt levels low even under conservative oil price assumptions.
He noted that OQ Exploration and Production holds a prominent position in Oman’s exploration and production sector, with production reaching around 224,000 barrels of oil equivalent per day by the end of 2025.
The company’s operational and joint portfolio in Oman includes several productive and promising exploration and production areas, including Blocks 60, 10, 65, 9, 53 and 61. This portfolio supports production stability and the continuity of cash flows.
OQ Exploration and Production is also implementing a number of capital projects aimed at enhancing operational efficiency, maintaining stable production levels, reducing costs and lowering emissions.
As part of its commitment to sustainability and corporate responsibility, the company recently received the “Corporate Social Responsibility Gold Accreditation” from the Corporate Social Responsibility Accreditation Foundation in the United Kingdom.
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