Good news for OQ Exploration shareholders: Distribution of cash dividends of 7.21 Baisa per share

The Board of Directors of OQ Exploration and Production has announced a cash dividend of 57.675 million Omani Rials for the first nine months of 2024, equivalent to 7.21 baisas per share. This dividend was approved in the recent board meeting following the review of the financial statements. The annual general meeting of the company is scheduled for early December 2024.

The initial public offering of OQ Exploration and Production on October 28, 2024, marked the largest IPO in Oman’s history, with 25% of the company’s shares—valued at 1.8 billion Omani Rials—listed on the Muscat Stock Exchange. The offering price was set at 390 baisas for institutional and foreign investors and discounted to 351 baisas for Omani individual investors.

Following the IPO, the stock experienced downward pressure, reaching 355 baisas due to sell-offs by individual investors, closing the week at 365 baisas, down by 25 baisas from the initial listing price. Nevertheless, the market value of OQ Exploration and Production rose to 2.92 billion Omani Rials, making it the largest public company by market capitalization in Oman.

OQ Group: Oman’s Energy Giant with Hands in Every Energy Industry

OQ Group is a state-owned company and a major holding in Oman, involved in various energy sectors including oil, gas, petrochemicals, and renewable energy. It operates under the ownership of the government of Oman and plays a significant role in the country’s energy supply.

OQ includes several subsidiaries engaged in different sectors of the energy industry:

1. OQ Exploration and Production (OQEP): This company is responsible for the exploration, extraction, and production of hydrocarbon resources and is one of the largest energy players in Oman.
2. OQ Petrochemicals: This subsidiary focuses on petrochemical production from natural gas resources.
3. OQ Refining: It is responsible for refining crude oil and converting it into usable products.
4. OQ Renewable Energy: This division focuses on the development and investment in renewable energy projects, including solar and wind power.
5. OQ Trading & Investments: This unit handles energy product trading and investments in various international projects.

Through these subsidiaries, OQ manages and expands its energy operations both within Oman and internationally, playing a key role in the country’s economic growth and energy development.