By: AGBI

Omani state-run oil and gas company OQ Exploration & Production (OQEP) said it posted strong growth in the first half of 2026, buoyed by higher sales volumes and prices.

Revenue rose 12 percent year on year to OMR686 million ($1.8 billion) in the first six months of the year, the company, which trades on the Muscat Stock Exchange (MSX), said in a statement.

The topline was supported by a 3 percent rise in oil and condensate sales volumes to 11.6 million barrels and an 8 percent increase in the average realised oil price to $80.90 per barrel.

Net profit increased 19 percent year on year to OMR199 million, driven by effective cost management amid higher production.

The strong performance comes despite disruptions to tanker transport through the Strait of Hormuz since February 28 following the US-Iran war. Oman is among the countries least affected by the regional conflict.

OQEP chief executive Mahmoud Al Hashmi said stronger profitability and cash flow in the first half were driven by safe, reliable operations amid higher commodity prices and increased production.

Cash flow from operations jumped 14 percent year on year as capital expenditure rose to OMR132 million year to date, including OMR128 million spent on expanding oil and gas assets and OMR3.5 million on exploration.

OQEP will pay a base dividend of OMR58 million for the second quarter of 2026, to be paid in September. It also announced a performance-linked dividend of OMR38.5 million for the first half.

The company was listed on the MSX on October 28, 2024. Its shares closed 1 percent higher at OMR0.475 on Sunday, up 31 percent so far this year.

OQ Group, a subsidiary of the Oman Investment Authority, owns 75 percent of OQEP.