OQEP Reports 18% Increase in Net Profit, Reaches RO 272 Million by September 2024

Oman, 26 November, 2024 : OQ Exploration and Production (OQEP) has reported a net profit of RO 272 million (USD 707 million) for the first nine months of 2024, an 18% increase over its target of RO 230 million (USD 599 million).

The company’s financial performance for the period from January to September 2024 also saw a notable rise in Free Cash Flow, which amounted to RO 236 million (USD 614 million), a 2% increase compared to the targeted figure of RO 232 million (USD 603 million).

In terms of operational performance, OQEP recorded a 3% rise in production, reaching 255,000 barrels of equivalent oil per day, up from 253,000 barrels per day during the same period last year. This increase reflects OQEP's continued growth and operational efficiency.

Source : www.omannews.gov.om