September 10, 2023

OQ Group boasts $1.1 billion net profit in first half of 2023

Press release

OQ, the global integrated energy group, reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of USD 2.3 billion for the first half of 2023. Additionally, the group posted a net profit of USD 1.1 billion and reported total assets amounting to USD 31.2 billion.

OQ achieved an average total production of oil from its operated assets and investment partnerships of 222,000 barrels per day. This represents a 7% increase in production during the first half of this year compared to the same period last year. Oil production in Block 60 rose to 61,000 barrels of oil equivalent in the first half of 2023, up from 49,000 barrels of oil equivalent in the first half of 2022.

Turning to gas operations for the first half of 2023, the availability ratio of OQ’s gas network was approximately 99.999% across Omani governorates. OQ’s daily natural gas production reached 471 million cubic feet, with 18 million cubic feet from the Group-operated assets. Production of OQ’s partnership assets reached 454 million cubic feet of gas per day.

Within the refineries and petrochemicals division, OQ reported an average refinery production of 302,000 barrels per day in the first half of 2023. Additionally, the group's outputs included 595,000 metric tonnes of polymer, approximately 497,000 metric tonnes of methanol, 1,016,000 metric tonnes of aromatics, and 167,000 metric tonnes of LPG.

Furthermore, OQ's expenditure on goods and services totalled approximately USD 653 million for the first half of the year. Local expenditure on contracts and procurement made through Omani companies and institutions amounted to roughly USD 488 million, yielding a retained in-country value (ICV) of USD 211.23 million.

Reflecting OQ's dedication to economic growth, expenditure on small and medium enterprises (SMEs) amounted to approximately USD 123 million. This sum represents 19% of the total outlay on goods and services, with USD 34 million allocated specifically to Riyada card holders. Demonstrating commitment to promoting Omani products, expenditure on items manufactured in the Sultanate of Oman reached approximately USD 81.9 million.