OQEP plans fourth-quarter dividend despite revenue fall

Omani state-run oil and gas company OQ Exploration & Production (OQEP) has proposed a dividend for the fourth quarter of 2025 despite a drop in revenue.

The board recommended payment of 7.23 baiza per share, subject to shareholder approval, the company said in a statement to the Muscat stock exchange.

Although no figure was given, the estimated payout is OMR58 million ($150 million) based on dividends per share published on the company’s website.

The energy company paid OMR58 million for the second and third quarters of 2025. Total dividend paid until the end of the third quarter reached OMR275 million.

The top line declined 7 percent to OMR1.2 billion in 2025, as average oil prices fell 12.5 percent or $10.10 per barrel.

Net profit fell 15 percent to OMR278 million last year, from OMR327 million in 2024.

The Bisat C expansion facility at Block 60 increased OQEP’s oil processing capabilities to 95,000 barrels per day (bpd) and over 800,000 bpd of water processing capacity. Oil and condensate sales rose 1.4 million barrels to 21.7 million barrels of oil equivalent last year.

OQEP’s growth strategy will focus on increasing production to 300,000 barrels of oil equivalent per day by 2030, CEO Mahmoud Al Hashmi said.

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The strategy adopts a balanced growth model, with domestic expansion complemented by international growth through mergers and acquisitions, he said.

The OQEP announcement comes as two suspected Iranian drones targeted Oman’s Duqm commercial port on Sunday, injuring a worker, the UAE’s Wam news agency reported.

OQ Group, a subsidiary of the Oman Investment Authority, owns 75 percent of OQEP.