OQEP Achieves $2 Billion Revenue in 2024, Proposes Additional Dividend

Oman, 4 March, 2025 : OQ Exploration and Production (OQEP) has announced strong financial results for the fiscal year 2024, with a revenue of RO841 million and an EBITDA of RO614 million. The company’s full-year production reached 228,000 barrels of oil equivalent per day, and it generated a free cash flow of RO251 million.

OQEP distributed RO173 million in dividends in 2024 and has proposed an additional cash dividend of RO57.68 million, equating to 7.21 baizas per share. The proposal is subject to shareholder approval at the Annual General Meeting on March 12, 2025.

Ahmed al Azkawi, CEO of OQEP, highlighted the company’s strong performance, underpinned by its low-cost operation of high-quality assets. He also noted the successful listing of OQEP shares on the Muscat Stock Exchange, raising RO780 million. Looking ahead, OQEP aims for a base dividend of RO230 million for 2025 and 2026, contingent on company performance.

Azkawi added that OQEP is focusing on increasing reserves through enhanced recovery techniques and is exploring further growth opportunities across its asset portfolio. The company’s strategy is geared towards delivering value to shareholders and ensuring a sustainable energy future for Oman.