OQ Group achieves $1.1 billion net profits in the first half of 2023

Muscat: During the first half of 2023, the OQ Group – the global integrated energy group, recorded profits – before interest, taxes, depreciation, and amortization – of about 2.3 billion US dollars, with net profits amounting to 1.1 billion US dollars, and recorded assets worth 31.2 billion US dollars.

The semi-annual report issued by the group indicated that OQ’s total oil production from assets operated by it and by investment partnerships amounted to about 222 thousand barrels per day, with production in the first half of this year recording an increase of 7 percent compared to the first half of Last year, Block 60 oil production rose to 61 thousand barrels of oil equivalent, compared to 49 thousand barrels of oil equivalent in the first half of 2022.

The gas network availability rate in the first half of 2023 reached about 99,999 percent in the governorates of the Sultanate of Oman. The report also indicated that natural gas production reached 471 million cubic feet per day. Of these, 18 million cubic feet of gas came from assets operated by OQ, while the production of assets operated from foreign partnerships with OQ amounted to about 454 million cubic feet of gas per day.

The report pointed out that the refining capacity in the refinery and petrochemical sector in the first half of this year amounted to 302 thousand barrels per day, at a time when the petrochemical production capacity of OQ Polymer reached about 595 thousand metric tons, while the methanol production capacity reached about 497 thousand metric tons, and the capacity of… Aromatics factory production: 1,016 thousand metric tons.

The production capacity of the OQ LPG plant reached about 167 thousand metric tons. The report indicated that the total spending on goods and services during the first half of 2023 amounted to about 653 million US dollars, and stated that the amount spent internally on goods and services in contracts and purchases through local companies and institutions amounted to 488 million US dollars, which led to maintaining In the amount of 211.23 million US dollars in domestic value added.

Spending on small and medium enterprises by the group amounted to US$123 million, representing 19 percent of the total spending on goods and services, including US$34 million for holders of the Small and Medium Enterprises Entrepreneurship Card.

OQ pays special attention to the Omani product, as spending on products manufactured in the Sultanate of Oman reached about 81.9 million US dollars.