EDO records revenues of $3.776 bn for Q1 2025
Published: 06:07 PM,Jul 21,2025 | EDITED : 10:07 PM,Jul 21,2025
EDO, affiliated with the Ministry of Finance, manages a group of spinoffs associated with various energy-related businesses.
MUSCAT: Energy Development Oman SAOC (EDO)—the wholly government-owned energy sector holding company—posted revenues totaling $3.776 billion for the first quarter of this year, marginally lower than the $4.005 billion recorded in the corresponding period of 2024.
Announcing its unaudited interim condensed consolidated financial results for the first three months of 2025, EDO reported production expenses of $290.882 million, down from $333.128 million in Q1 2024. Royalty expenses dipped slightly to $1.422 billion, compared to $1.577 billion a year earlier. Profit before tax amounted to $510.220 million, down from $890.416 million in Q1 2024.
Total assets were reported at $27.534 billion this year, roughly on par with last year’s figure of $27.843 billion. Shareholders’ equity totaled $10.169 billion, also broadly similar to last year’s $10.197 billion. Total equity and liabilities stood at $27.534 billion, mirroring the $27.843 billion recorded at the end of Q1 2024.
Affiliated with the Ministry of Finance, EDO owns 60% of the Block 6 Petroleum concession operated by Petroleum Development Oman (PDO), 100% of Block 6’s non-associated gas concession, and 100% of Hydrogen Oman (Hydrom), the master planner of the Sultanate’s green hydrogen industry.
Other affiliates of EDO include Oman New Energies SPC (ONE), incorporated to explore future power-related business but currently not operational; and EDO Gas SPC (GasCo), which assumed the participating interest in the Gas Operations of Block 6 from EDO effective July 1, 2023. In June 2023, GasCo established EDO Sukuk Limited, a special purpose vehicle created to act as issuer and trustee of the Sukuk trust certificates under the trust certificate issuance programme.
Also part of the EDO Group are: EDO InfraCo SPC, which is currently non-operational; and ECO SPC, a wholly owned subsidiary established in September 2024 to handle the inventory of surplus and scrap equipment and materials from operations under the Block 6 Petroleum Agreements, the Block 6 Gas Concession Agreement, and other oil and gas operations in the Sultanate of Oman.
Announcing its unaudited interim condensed consolidated financial results for the first three months of 2025, EDO reported production expenses of $290.882 million, down from $333.128 million in Q1 2024. Royalty expenses dipped slightly to $1.422 billion, compared to $1.577 billion a year earlier. Profit before tax amounted to $510.220 million, down from $890.416 million in Q1 2024.
Total assets were reported at $27.534 billion this year, roughly on par with last year’s figure of $27.843 billion. Shareholders’ equity totaled $10.169 billion, also broadly similar to last year’s $10.197 billion. Total equity and liabilities stood at $27.534 billion, mirroring the $27.843 billion recorded at the end of Q1 2024.
Affiliated with the Ministry of Finance, EDO owns 60% of the Block 6 Petroleum concession operated by Petroleum Development Oman (PDO), 100% of Block 6’s non-associated gas concession, and 100% of Hydrogen Oman (Hydrom), the master planner of the Sultanate’s green hydrogen industry.
Other affiliates of EDO include Oman New Energies SPC (ONE), incorporated to explore future power-related business but currently not operational; and EDO Gas SPC (GasCo), which assumed the participating interest in the Gas Operations of Block 6 from EDO effective July 1, 2023. In June 2023, GasCo established EDO Sukuk Limited, a special purpose vehicle created to act as issuer and trustee of the Sukuk trust certificates under the trust certificate issuance programme.
Also part of the EDO Group are: EDO InfraCo SPC, which is currently non-operational; and ECO SPC, a wholly owned subsidiary established in September 2024 to handle the inventory of surplus and scrap equipment and materials from operations under the Block 6 Petroleum Agreements, the Block 6 Gas Concession Agreement, and other oil and gas operations in the Sultanate of Oman.