OQ Exploration & Production is Oman's largest independent (pure-play) upstream oil and gas company, carved out of state energy group OQ and floated ~25% on the Muscat Stock Exchange in October 2024 in what was Oman's largest-ever IPO. It holds interests in 14 assets spanning operated blocks (Block 60/Bisat, Block 48, offshore Block 8/Bukha in Musandam plus the wholly owned Musandam Gas Plant) and non-operated blocks run by BP, Occidental, Shell and TotalEnergies. Working-interest production is roughly 255 kboe/d (~14% of Oman's total oil, gas and condensate output), with non-operated assets — chiefly BP's Khazzan/Ghazeer tight-gas development in Block 61 — supplying about 84% of volumes.
FY2025 results underline a low-cost, high-return, high-payout profile: revenue of about OMR 1.2bn (~US$3.1bn), EBITDA of ~OMR 941m (~US$2.45bn, ~81% margin) and net profit of ~OMR 278m (~US$0.72bn), with a reported ROCE around 51% and leverage of just ~0.24x. Adjusted operating cash flow was ~OMR 540m. The equity is a leveraged play on a stable Omani reserve base (1P ~1.2 bnboe) with a balanced oil/gas mix and a generous, policy-backed dividend yielding roughly 8%. Key risks are single-country concentration, PSC/government-take terms, dependence on foreign operators, and state control (~75% held by OQ), which limits free float and minority influence.
Its EV/EBITDA of 6.6x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 6.1% is lower than the 6.5% median, and at $16.61/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, OQ Exploration & Production scores 51/100, strongest on asset quality (65/100). Sub-scores: value 53, quality 65, growth 21, risk 58 (higher = riskier).
OQ Exploration & Production holds approximately 0.63 billion boe of proved (1P) reserves with FY2025 production of about 224 thousand boe/d (55% liquids), a reserve life of roughly 7.7 years. Break-even: ~$35 (Brent breakeven) — Low-cost Omani onshore/near-shore portfolio with a large non-operated tight-gas base (Block 61) gives a full-cycle Brent breakeven around US$35/bbl; the balance sheet is lightly levered (net debt/EBITDA ~0.24x) so cash generation and the dividend are resilient well below prevailing prices.
For OQ Exploration & Production, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Oman | 100% | 41 | Stable Gulf; mature fields, EOR-dependent, fiscal reform. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Block 60 (Bisat) | Oman | Oil & gas | operated flagship in west-central Oman; output grew from ~15 to >60 kboe/d (2019-23) |
| Block 61 (Khazzan/Ghazeer) | Oman | Tight gas | BP-operated (OQEP 30%); Oman's largest gas project and the single biggest volume contributor |
| Block 9 | Oman | Oil | Occidental-operated (OQEP 45%); mature onshore oil |
| Block 8 / Bukha & West Bukha | Oman | Offshore gas/oil | operated Musandam offshore fields feeding the Musandam Gas Plant |
| Musandam Gas Plant | Oman | Midstream | 100%-owned; processes Block 8 fluids, exports gas to power, oil globally, LPG regionally |
| Block 48 | Oman | Exploration | operated west-central acreage in appraisal/exploration phase |
| Block 11 | Oman | Gas | Shell/TotalEnergies-operated (OQEP 10%) |
| Block 65 | Oman | Oil | Occidental-operated (OQEP 49%) |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 190 | 215 | 246 | 255 | 224 |
| Proved reserves (bnboe) | 1.10 | 1.15 | 1.20 | 1.20 | 0.63 |
| Revenue ($bn) | 2.5 | 3.3 | 2.9 | 3.0 | 2.2 |
| EBITDA ($bn) | 1.9 | 2.7 | 2.2 | 2.4 | 1.6 |
| Net income ($bn) | 0.6 | 0.9 | 0.6 | 0.7 | 0.8 |
| Free cash flow ($bn) | 0.3 | 0.8 | 0.5 | 0.6 | 0.6 |
Enter your email and we'll open a print-ready one-page tearsheet for OQ Exploration & Production — and add you to the monthly oil & gas valuation screen.
✓ FY2025 figures verified against primary sources:
↗ Compare OQEP against 141 peers in the interactive screener