OQ posts $2.1 billion net profit during first half of 2022

Business Wednesday 09/November/2022 15:42 PM
By: ONA
OQ posts $2.1 billion net profit during first half of 2022

Muscat: OQ, a global integrated energy group, recorded earnings before interest, taxes, depreciation and amortisation (EBITDA) amounting to $3.441 billion for the first half of 2022, comprising a surge of 110 per cent compared to the first half of 2021.

OQ recorded net profits of $2.131 billion. Additionally, the assets of the group increased to $31.633 billion.

OQ achieved an average total production of oil from its operating assets and investment partnerships of approximately 218,000 barrels per day. This represents 12.6 per cent of Oman's total oil production. OQ’s oil production in the first half of this year was 33 per cent higher as compared to the production recorded during the same period last year. The production of block 60 also increased to 53 million barrels of oil equivalent in the first half of 2022 compared to 24 million barrels during the first half of 2021.

The availability ratio of OQ’s gas network during the first half of 2022 was 100 per cent. Meanwhile, the production of natural gas reached 494 million cubic feet per day including 28 million cubic feet from the group’s operating assets. The production of OQ’s - partnership assets stood at 466 million cubic feet of gas per day.

In the refineries and petrochemicals sector, OQ achieved an average refineries production of 268,000 barrels per day in the first half of 2022, while OQ’s polymer production hit about 589,000 metric tonnes. The group’s methanol production recorded about 565,000 metric tons, while the aromatics plant produced 577,000 metric tonnes. Finally, OQ LPG’s production stood at 125,000 metric tonnes, while OQ Chemicals’ production reached 904,000 metric tonnes.

OQ’s total expenditure allocated to the in-country added value during the first half of 2022 amounted to about $785.5 million, with an increase of 70.9 per cent compared to its expenditure recorded during the same period of 2021, which amounted to about $459.46 million. This demonstrates the group’s belief in the importance of supporting the local communities by empowering development efforts.

OQ has allocated $532 million to local goods and services, up from $357 million spent on these goods and services during the first half of 2001. The expenditures allocated for Small and Medium Enterprises (SMEs) reached $185 million; up from $54.6 million spent in the first half of 2021. OQ’s spending on products made in Oman amounted to $68.5 million compared to $47.7 million spent on these products in the first half of 2021.

Furthermore, the number of Omani graduates employed by OQ increased by 133 per cent to reach 42 graduates, compared to 18 graduates hired by the group in the first half of 2021.

OQ’s social investment projects during the first half of 2022 amounted to $3.067 million, in line with the group’s commitment to contribute to social development efforts by maximising the positive impacts of its operations.