Lower revenues hit Oman’s OQEP net profit in 2025

Oman’s state-run OQ Exploration & Production reported net profit fell 10 percent in 2025 due to lower revenue, but the company forecasts earnings will rise in 2026 as new exploration deals begin to contribute.

OQEP reported a net profit of $760 million between January and December last year, down from $846 million in the same period of 2024.

The company’s total revenues fell by 5 percent year on year to $3 billion in 2025, according to its report disclosed in the Omani bourse. 

OQEP spent $517 million last year to expand Block 53 in the south central region and Block 60 in the west of the country near the Saudi border. 

But OQEP says it expects higher earnings in 2026 from four new blocks. The exploration and development awards for these oil and gas discoveries are expected in the first quarter of 2026. 

Blocks 36, 43A, 18 and 66 are located in different parts of Oman, and Canadian company Scotiabank is assessing the offers.

Block 36 is the largest of the four concessions at 18,557 square kilometres, located in the Ghudun basin in the Empty Quarter desert near the UAE border. 

Oil production makes up 70 percent of Oman’s revenue. 

OQEP listed on the Muscat Stock Exchange in October 2024. Its share price of OMR0.38 ($0.99) has risen by around 10 percent in the last year.

Further reading:

• Oman’s OQEP posts lower profit but forecasts income gain
• OQEP plans share buyback to fund expansion
• Lower oil prices cut profits at Oman’s OQEP