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.
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