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OQ Group posts $1.1bn net profit for first-half 2023

10 Sep 2023

Muscat – OQ Group, Oman’s international integrated energy group, has reported a net profit of $1.1bn for the first half of this year, while the group’s total assets reached $31.2bn as of the end of June 2023.

OQ Group posted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $2.3bn for the first half of 2023, according to an Oman News Agency report.

The group’s semi-annual report indicated that OQ achieved an average total production of oil from its operated assets and investment partnerships amounting to 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 networks was approximately 99.999% across Omani governorates.

The group’s daily natural gas production reached 471mn cubic feet, with 18mn cubic feet from the group-operated assets. Production of OQ’s partnership assets reached 454mn 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 refining output 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.

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

Reflecting OQ’s dedication to economic growth, expenditure on small and medium enterprises (SMEs) amounted to approximately $123mn. This sum represents 19% of the total outlay on goods and services, with $34mn allocated specifically to Riyada cardholders.

Demonstrating a commitment to promoting Omani products, OQ’s expenditure on items manufactured in Oman reached approximately $81.9mn.

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