Oman’s OQEP posts lower profit but forecasts income gain

Profit at Oman’s state-run OQ Exploration & Production (OQEP) in the first nine months of 2025 fell 13 percent but the company sees higher earnings in 2026 from new oil and gas discoveries.  

OQEP reported a net profit of $616 million between January and September last year, down from $680 million in the same period in 2024 due to higher expenditure. 

The company spent $517 million last year to expand Block 53 in the south central region and Block 60 in the west of the country near the Saudi border, OQEP said in a bourse disclosure. 

But OQEP expects higher earnings in 2026 from four new blocks. The exploration and development awards for these oil and gas findings are expected in the first quarter of 2026. 

Further reading:

• Oman’s oil and gas spending rises to record high
• OQEP plans share buyback to fund expansion
• Lower oil prices cut profits at Oman’s OQEP

Blocks 36, 43A, 18 and 66 are located in different parts of Oman, and Canadian company Scotiabank is assessing the offers.

Block 36 is the largest of the four concessions at 18,557 square kilometres, located in the Ghudun basin in the Empty Quarter desert near the UAE border. 

Oil production makes up 70 percent of Oman’s revenue. 

The sultanate’s crude oil revenue in the first nine months of 2025 fell 2.2 percent year on year to $27.6 billion, official data shows.