Muscat: OQ Exploration and Production (OQEP) has reported a net profit of RO 272 million (USD 707 million) for the first nine months of 2024. This figure surpasses the company’s target of RO 230 million (USD 599 million) by 18%.

According to Oman News Agency, OQEP’s financial results for the first nine months of 2024 also show a Free Cash Flow of RO 236 million (USD 614 million). This is a 2% increase over the targeted figure of RO 232 million (USD 603 million).

The company’s operational performance from January to September 2024 has shown development, with production increasing to 255,000 barrels of equivalent oil barrels per day. This is a 3% rise compared to the previous average daily total of oil and gas production of 253,000 barrels.