Muscat: OQ Exploration and Production (OQEP) has reported an impressive EBITDA of RO 317.4 million (USD 825.6 million) for the first half of 2025. The company’s audited financial results also revealed a revenue of RO 428.1 million (USD 1.1 billion) during the same period.

According to Oman News Agency, the company’s Adjusted Cashflow from Operations saw a 20% increase, reaching RO 289.2 million (USD 752.1 million). The Return on Capital Employed for the first half of 2025 was reported at 24.4%, with the second quarter alone seeing a rise to 25.8%. OQEP’s cash balance also saw a 31% increase compared to the same period in the previous year.

The Board of Directors of OQEP has proposed a quarterly base dividend for the second and third quarters, each set at RO 57.7 million (USD 150 million). The dividend for the second quarter is scheduled for payment in September 2025, while the third quarter’s payment is expected in November 2025.

In terms of operations, OQEP’s production reached 222.3 kboepd, comprising oil and condensate. The company is advancing several strategic projects, including the Bisat C Expansion and the extension of Block 53 EPSA to 2050, which is set to offer improved fiscal terms. The construction of the Marsa LNG project has commenced and is anticipated to be completed by 2028.

Ahmed Al Azkawi, CEO of OQEP, stated that the company’s strategy has yielded strong financial results despite sector challenges. He noted that OQEP increased its sales volume of oil and condensates in response to a reduction in oil prices, allowing revenue to remain comparable to 2024’s first half.

OQEP is also moving forward with initiatives and commercial negotiations to develop organic value. The Bisat C Expansion project at Block 60, which will add 37,000 barrels of oil processing capacity daily, was commissioned in June. In partnership with Oxy and others, OQEP announced an extension for Block 53’s EPSA to 2050, potentially producing an additional 800 million gross oil barrels. The Marsa LNG plant, a USD 1.6 billion joint venture with TotalEnergies, began initial construction in the second quarter.

Furthermore, OQEP has continued to attract international partners, including Genel Energy and the Turkish Petroleum Corporation (TPAO), with new exploration deals signed post period.