Sunday 29 / September / 2024
Muscat: HH Sayyid Marwan Bin Turki Al Said, Governor of Dhofar, attends the OQEP roadshow for its share offering in Dhofar Governorate. Held at the Sultan Qaboos Complex for Youth Culture & Entertainment, the event was attended by officials, dignitaries, and citizens.
Eng. Ahmed bin Said Al Azkawi, CEO of OQEP, expressed gratitude to Sayyid Marwan for endorsing the roadshow, underscoring his unwavering support for the efforts to introduce the IPO to diverse segments of society.
Al Azkawi highlighted that the OQEP IPO is the largest in the history of the Sultanate of Oman and a pioneering initiative in the oil and gas exploration and production sector. Notably, it adheres to Islamic Sharia principles, offering citizens a 10% discount on share price compared to non-citizen entities and individual investors.
Al Azkawi emphasized that these IPOs align with the government's economic diversification policies, embodying the goals of Oman Vision 2040 by engaging citizens and residents in government enterprises, thus expanding the ownership base.
Sheikh Naif bin Hamed Fadel, Chairman of the Board of Directors of the Chamber in Dhofar Governorate, outlined that IPOs are a crucial element of Oman's economic diversification policies, empowering the private sector to drive economic growth and attract both national and foreign investments in accordance with the evolving economic landscape.
Sheikh Fadel pointed out that the OQEP IPO is one of the largest offerings in the Sultanate of Oman and is expected to gain a significant momentum due to the position the company’s strong positions and the profits expects to generate and distribute in the next two years.
Mahmoud bin Abdullah Al Hashimi, Chief Operating Officer of OQEP, provided insights into the company's exploration and production capabilities, highlighting its status as a leading entity exclusively focused on oil and gas exploration and production adding thatOQEP is the only fully government-owned operator in the upstream industry. Established in 2009, OQEP ranks among the top 3 oil and gas producers in Oman, boasting substantial reserves.
Since its inception, OQEP has witnessed significant growth, expanding its average daily production nearly 14 times to reach an average of 250 kboe/d on a working interest basis by 2023. In 2023, its total production constituted approximately 14 per cent of Oman’s total oil, gas and condensate production for the year.
Jaber bin Rashid Al-Naamani, Chief Financial Officer at OQEP, outlined the company's dividend distribution plans, announcing that dividends will be disbursed quarterly, starting from the third quarter, with distributions in December of this year, and for the fourth quarter of 2024, with distributions in March 2025.
OQEP aims to distribute OMR 230.7 M annually for the years 2025 and 2026.
Al-Naamani underscored the company's strategic focus on continued investment in hydrocarbon production, bolstering its position as a key player in exploration and production, while aligning with energy efficiency goals, carbon emission reduction targets, and enhancing energy transition efforts through asset improvements and strategic growth initiatives.
The floor was then opened for discussions, during which attendees posed various questions, shedding light on the company's objectives, achievements, and IPO processes.
