OQ Exploration & Production says 1H net profit fell almost 11% due to rising finance costs. The Omani energy company also reported revenue remaining flat despite lower oil price pressures.

Muscat

OQ Exploration and Production (OQEP) has reported stable financial performance despite a recent drop in oil prices, increasing its production by approximately 1.1 million barrels and maintaining revenue above one billion dollars. The company posted a net profit exceeding 400 million dollars and recently initiated a share buyback program, following industry trends and market conditions.

OQEP has joined the MSCI index, becoming the first listed entity of its kind on the Muscat Stock Exchange, and continues to pay high dividends to shareholders. The company is actively exploring new investment opportunities, both within Oman and abroad, and is engaged in partnerships with major international oil companies, particularly in projects related to LNG development.

OQEP CFO: Always scouting for big oil partnerships

I've just discussed it was a it was a challenging macro environment last quarter. Low oil prices affecting you in particular. How has OQP weathered that. Thank you very much. Good morning. So indeed I mean it has been a challenging quarter and I think also for the H1 as well. Despite that I hope you expression production was able really to prove its operational excellence where it comes to resilience during these difficult times. How we maneuver these times. We we basically managed to increase our production by almost one point one million bottles despite the fact that the oil prices dropped by almost eight dollars. I mean in each one this year as compared to each one. Twenty twenty four. With that we managed to maintain our top line revenue at almost over a billion dollars. And we posted up a net profit over our over 100 400 million dollars. And just talk to me about the buyback as well. Why announce it a few weeks ago and not sooner. Yeah the buyback program. It was a will say sort of process that we went through. We debated we discussed with authorities. I mean the decision came at the right time when the oil prices basically start falling around April this year. We basically also looked into how the other majors I mean within the oil and gas industry. They have been practicing that. And that's the decision when we basically decided to start exercising that this option looking into a range of buyback program between 45 to 60 million ordinary shares. And of course that hasn't hurt the share price. I do wonder whether you are looking at joining the MSCI E.M. index or maybe even the FTSE. Indeed indeed. So and we are ready. Now July this year we managed to join the MSCI index in MSX. So now we are basically the first listed entity. And of course of exploration production it has been the biggest listed entity in the history of MSX. And hence we are really now in the index and being monitored. Performance also being tracked and with a strong performance as well as with our high dividend yield that we are paying to our shareholders in the range of 9 to 10 percent. Really give that I would say attractiveness to our share. So when it comes to growing the business are you looking at investment opportunities outside Oman perhaps. OK. Exploration production has I would say a funnel of projects that is always evaluating the point looking into opportunities mainly in Oman and also seeing if there is any attractive opportunities outside Oman. But I want me to focus on Oman. The balance portfolio that we are having between oil and gas in the range of 45 to 55 really gives us that agility to evaluate opportunities very detailed when it comes to economics. We don't go for projects that are less than two digits of returns. And we always I mean scout for opportunities. I mean especially when it comes to partnering up with the big international oil companies in the world like Shell BP Total. They are here with us in the country in multiple blocks. I mean either in oil and gas. And we are really evaluating such opportunities together. So if you're focusing within Oman are you looking at maybe investing in the new LNG trade in Calhoun. So we are a partner in the upstream basically field which is a block 61 with BP. That's the basically the main say look that is supplying the main feed to the LNG plant. And then I'll hot. We are now in discussion with our partners to review basically the field development plan so that we mean maybe in the next year when the feed is completed the government might announce basically the start of the LNG construction.

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Washington

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Geneva

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Jerusalem

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Brussels

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Alaska

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Breakdown