Friday 25 / July / 2025
Muscat: OQ Exploration and Production (OQEP) has announced a share buyback program following approval from the Financial Services Authority (FSA).
This initiative aims to enhance the company's ability to deliver value to its shareholders, in addition to its current annual base dividends of RO 231 million (equivalent to USD 600 million) and its semi-annual performance-linked dividends.
The company stated that the programme will commence 15 days from today, in accordance with the regulations of the FSA and the Muscat Stock Exchange. It will be implemented based on the resolutions passed during the company's Extraordinary General Meeting held last June, which amended the company's articles of association to enable share repurchases.
OQEP clarified that the buyback program targets the acquisition of between 45 million and 60 million shares over a period of six months from the program's commencement, or until the targeted share purchase is completed.
Eng. Ahmed Said Al Azkawi, CEO of OQ Exploration & Production, explained that this program reflects confidence in the company's strong fundamentals and its long-term growth prospects. He noted that the company's shareholders will benefit from a capital return program that includes the RO 231 million base dividend, a performance-linked dividend program, and the share buyback.
He affirmed that OQ Exploration & Production remains focused on achieving growth, operational excellence, optimizing its investment portfolio, generating strong and predictable cash flows, and ensuring long-term value for its shareholders.
