MUSCAT: OQ, the global energy group, reported revenues of RO 13.7 billion in 2023. Financially, the group generated profits of RO 1.975 billion before deductions and RO 970 million as net profits. The stellar performance was fueled by operational excellence in exploration, production, and industrial sectors, coupled with cost efficiency efforts and divestment gains. This achievement aligns with Omani directives to boost financial and operational efficiencies.
Looking ahead, OQ aims to enhance financial and operational performance, control costs, improve business aspects, and boost competitive capabilities while transitioning towards carbon reduction and renewable energy investments. In 2023, OQ's total oil production hit 246,000 barrels per day, processing 81 million barrels. The group's focus on human resources resulted in an Omanisation rate of 83% and training programs for hundreds of employees to empower Omani youth.
Highlighting social responsibility, OQ invested RO 4.4 million in 2023 across social, environmental, economic, and health sectors. Notably, 46 million work hours were incident-free, showcasing adherence to safety standards. Emphasising local value addition, OQ allocated RO 408 million locally, reflecting 77% of total purchases. SMEs received RO 95 million (18% of expenditure), reinforcing OQ's commitment to the local economy and national development.
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