OQEP Profit Surges 19.4% on Higher Oil Prices and Sales Volumes
OQ Exploration and Production (OQEP) has reported a significant increase in its net profit for the first half of 2026, thanks to higher oil prices and sales volumes. The company's net profit rose by 19.4% year-on-year to RO199mn, up from RO166.63mn in the same period last year.
The revenue growth was attributed to a 12% increase in sales volumes of crude oil and condensates, which reached 11.6mn barrels. Additionally, the average realised oil price increased by 8% to $80.9 per barrel during the first half of 2026.
OQEP's Chief Executive Officer, Mahmoud Abdullah Al Hashimi, stated that the company delivered strong operational and financial performance across its business during the first half of 2026, supported by the continued implementation of the growth strategy and safe and disciplined execution of operations.