MUSCAT : The company recorded a 20 percent increase in adjusted cash flows from operations, reaching RO 289.2 million, while the return on capital employed reached 24.4 percent (25.8 percent for the second quarter), with the cash balance increasing by 31 percent compared to the same period last year.

The Board of Directors recommended distributing quarterly basic dividends amounting to RO 57.7 million for the second and third quarters of 2025, along with performance-related dividends of RO 44.2 million for the first half of the year, payable in two instalments in September and November.

Eng. Ahmed bin Saeed Al Azkawi, CEO of OQ Exploration and Production Company, said: “The strong performance was achieved despite market challenges and low oil prices, thanks to increased sales volume and improved operational efficiency.” He stressed the company’s commitment to continued growth and supporting the goals of Oman Vision 2040.

In a statement to the Oman News Agency, he explained that the average daily production is 222,300 barrels of oil equivalent, including 120,100 barrels of oil and condensates, and 102,300 barrels of gas equivalent. He added that the Basat C field expansion project started operating ahead of schedule, adding a daily processing capacity of 37,000 barrels of oil, while improving production facilities and increasing the ability to connect wells.

He pointed that the exploration and participation agreement in Block 53 has been extended until 2050, adding approximately 800 million barrels of oil to future production. Construction work has also begun on the Marsa LNG project in Sohar, in partnership with TotalEnergies, with an investment value of US$1.6 billion, making it one of the lowest-carbon LNG terminals in the world.

He explained that new exploration agreements were also signed with international companies such as Genel Energy and the Turkish Petroleum Corporation to develop promising concession areas and begin drilling exploratory wells in concession areas 54, 47 and 11, with plans to invest up to $25 million over the next three years.

This is in addition to continuing to market new concession areas (18, 36, 43A, 66, 15) during 2025 and 2026 to attract foreign investments, with annual production expectations reaching between 220 and 230 thousand barrels equivalent per day, while controlling operating and capital expenditures.

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