OQ Exploration and Production (a subsidiary of the Omani OQ Group) is the sole oil and gas operator owned by the Sultanate of Oman. The company’s total production in 2023 represented approximately 14% of the Sultanate’s total oil, gas, and condensate production. The company’s portfolio includes 14 oil and gas exploration and production sites in the Sultanate.

Mahmoud Al Hashmi, the company’s Chief Operating Officer, stated that the company is currently carefully studying and analyzing a basket of new projects, anticipating the announcement of at least two new projects in the coming period. He added that his company is committed to a plan that calls for spending $1 billion annually in capital investments, with the aim of doubling this amount in the coming years. He explained that the company’s investment plan is funded by dividends and banks.

Al-Hashemi expects the company’s production to increase by “approximately 10% in the coming period,” noting that his company has succeeded in increasing production 13-fold since its founding until the end of last year, reaching 228,000 barrels of oil equivalent. He noted that proven reserves at the end of last year amounted to one billion barrels of oil equivalent