Value of OQ Group assets pegged at $31.633 billion

OQ, a global integrated energy group, recorded earnings before interest, taxes, depreciation and amortization (EBITDA) amounting to US$3.441 billion for the first half of 2022. These figures represented an increase of 110 per cent in comparison with the first half of 2021. On the other hand, the group recorded net profits of $2.131 billion. Additionally, the assets of the group increased to $31.633 billion

OQ’s achieved an average total production of oil from its operating assets and investment partnerships of 219 thousand barrels per day. This represents 12.6 per cent of Oman’s total oil production. OQ’s oil production in the first half of this year was 33 per cent higher as compared to the production recorded during the same period last year. The production of Block 60 also increased to 53 million barrels of oil equivalent in the first half of 2022 compared to 24 million barrels during the first half of 2021.

The availability ratio of OQ’s gas network during the first half of 2022 was 100%. OQ’s production of natural gas reached 494 million cubic feet per day including 28 million cubic feet from the group’s operating assets. The production of OQ’s – partnership assets hit 466 million cubic feet of gas per day.

In the refineries and petrochemicals sector, OQ achieved an average refineries production of 268 thousand barrels per day in the first half of this year, while OQ’s polymer production hit about 589 thousand metric tons. The group’s methanol production recorded about 565 thousand metric tons, while aromatics plant produced 577 thousand metric tons. Finally, OQ LPG’s production was 125 thousand metric tons, while OQ Chemicals’ production was 904 thousand metric tons.

OQ’s total expenditure allocated to the in-country added value during the first half of 2022 amounted to about $785.5 million, with an increase of 70.9 per cent compared to its expenditure recorded during the same period of 2021, which amounted to about $459.46 million. This demonstrates the group’s belief in the importance of supporting the local communities by enabling the development efforts.

OQ has allocated $532 million to local goods and services, up from $357.16 million spent on these goods and services during the first half 2001. The expenditures allocated for Small and Medium Enterprises (SMEs) reached $185 million; up from $54.6 million US dollars spent in the first half of 2021. OQ’s spending on products made in Oman amounted to about $68.5 million compared to $47.7 million spent on these products in the first half of 2021.

Furthermore, the number of Omani graduates employed by OQ increased by 133 percent to reach 42 graduates, compared to 18 graduates hired by the group in the first half of 2021 while OQ’s social investment projects during the first half of 2022 amounted to about $3.067 million, in line with the group’s commitment to contribute to social development efforts by maximizing the positive impacts of its operations.