MUSCAT: Oman’s OQ Exploration & Production (OQEP) recently organised two IPO roadshows in collaboration with the Oman Chamber of Commerce and Industry (OCCI), held in the Wilayats of Sur (Al Sharqiyah South) and Al Buraimi. This IPO is the largest in the history of Oman and the Gulf Cooperation Council (GCC) in 2024, targeting the exploration and production sector to broaden ownership in government assets and attract national and foreign investments.
Eng Ahmed al azkawi, CEO of OQEP, emphasised the IPO's strategic importance in driving economic diversification and providing investment opportunities for citizens. Al Azkawi highlighted that this offering, with 2 billion shares, is substantially larger than previous IPOs, such as Abraj Energy Services and OQGN. Notably, 40% of the shares are allocated to individual investors, with a 10% discount to encourage citizen participation.
Eng Mahmoud al Hashimi, OQEP’s Chief Operating Officer, provided insights into the company's production growth, from 18,000 barrels of oil equivalent in 2009 to 250,000 barrels in 2024. This dramatic increase reflects operational excellence in Block 60, where production has surged from 5,000 barrels in 2019 to 62,000 barrels per day.
Chief Financial Officer Jaber al Naamani highlighted OQEP’s solid financial performance, noting a 32% return on investment over recent years. Plans include distributing RO 230 million in profits over the next two years, providing a strong incentive for potential investors.
In Al Buraimi, Hilal al Ghaithi, member of the Shura Council representing the wilayat Al Buraimi and Zaher bin Mohammed al Kaabi, Chairman of the Board of Directors of OCCI’s branch in Al Buraimi, and business leaders joined the roadshow, where presentations emphasized the IPO’s broad reach across individual and institutional investors.
Said al Hashmi, OQEP’s CEO of HR, Technology, and Work Culture, highlighted the IPO’s significance in expanding ownership opportunities for Oman’s citizens and businesses, further strengthening the national economy.
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