MUSCAT: OQ Exploration and Production (OQEP) has received investment-grade credit ratings from S&P Global Ratings and Fitch Ratings, strengthening the Omani energy producer’s position in international capital markets.
The agencies assigned OQEP a long-term global-scale rating of “BBB-” with a stable outlook and a standalone credit assessment of “bbb-”. S&P Global also assigned the company a Gulf Cooperation Council regional-scale rating of “gcAA-”.
The ratings reflect OQEP’s financial position, stable cash generation, low-cost operations and established role in the Sultanate of Oman’s upstream oil and gas sector, the company said.
Mahmoud bin Abdullah al Hashmi, Chief Executive Officer of OQEP, described the ratings as an important milestone in the company’s growth and said they reflected confidence in its financial and operational performance.
“Obtaining investment-grade credit ratings from two prestigious international agencies represents a significant milestone in the company’s growth trajectory,” al Hashmi said.
He said the assessments demonstrated the strength of OQEP’s business model and its ability to generate sustainable cash flows under varying market conditions, while improving the company’s access to capital markets.
The ratings were supported by long-term exploration and production agreements, stable output and a financial policy designed to maintain low debt levels, including under conservative oil-price assumptions, the company said.
OQEP’s production reached approximately 224,000 barrels of oil equivalent per day by the end of 2025.
The company has operated and jointly held interests across several producing and prospective areas in the Sultanate of Oman, including Blocks 60, 10, 65, 9, 53 and 61. The portfolio supports stable production and recurring cash flows.
OQEP is also implementing capital projects aimed at improving operating efficiency, maintaining production, lowering costs and reducing emissions.
The company recently received the CSR Gold Accreditation from the United Kingdom-based Corporate Social Responsibility Accreditation Foundation.
The accreditation recognised its integration of social responsibility practices into its operations and initiatives covering education, healthcare, youth development, environmental awareness, volunteering and community engagement. — ONA
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