MUSCAT: During the first half of this year, the OQ Group — the global integrated energy group — recorded EBITDA (earnings before interest, taxes, depreciation and amortization) of about $2.3 billion with net profits amounting to $1.1 billion, and recorded assets worth $31.2 billion.
The half-yearly report issued by the group indicated that OQ’s total oil production from assets operated by it and by investment partnerships amounted to about 222k barrels per day, with production in the first half of this year recording an increase of 7 per cent compared to the first half of last year. Block 60 oil production rose to 61k barrels of oil equivalent, compared to 49k barrels of oil equivalent in the first half of 2022.
The gas network availability rate in the first half of 2023 reached about 99.999 per cent in the governorates of the Sultanate of Oman. Natural gas production reached 471 million cubic feet per day. Of this volume, 18 million cubic feet per day of gas came from assets operated by OQ, while the production of assets operated from foreign partnerships with OQ amounted to about 454 million cubic feet of gas per day.
The report pointed out that the refining capacity of its assets totalled 302k barrels per day. Petrochemical production capacity of OQ Polymer reached about 595 thousand metric tonnes, while the methanol production capacity reached about 497 thousand metric tonnes. Output of the aromatics plant reached 1,016 thousand metric tonnes. The production capacity of the OQ LPG plant reached about 167 thousand metric tonnes.
Total expenditure for the first half of 2023 amounted to about $653 million. It included $488 million in contracts to local companies, while value retained in-country totaled $211.23 million.
Spending on small and medium enterprises by the group amounted to $123 million, representing 19 per cent of the total spending on goods and services, including $34 million for holders of the Small and Medium Enterprises Entrepreneurship Card.
OQ also consumed Omani manufactured goods totaled $81.9 million in value. — ONA
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