Latest news with #OQExplorationandProduction
Observer
6 days ago
- Business
- Observer
Stronger trading drives weekly gains on MSX
MUSCAT: Trading activity on the Muscat Stock Exchange (MSX) picked up pace last week, with average daily volumes rising 19.2 per cent to RO 13.1 million, compared to RO 11 million the previous week. This increase came despite a shorter trading week due to the Eid al Adha holiday. The uptick was fuelled by robust investor interest in companies affiliated with the Oman Investment Authority, which reported strong financial results. Local institutional investors and funds were also active net buyers, accounting for 69.3 per cent of total trading value. The combined trading value for the week reached RO 39.3 million. Notable contributors included OQ Basic Industries (RO 7.69 million), OQ Gas Networks (RO 6.1 million), OQ Exploration and Production (RO 6.07 million), and Asyad Shipping (RO 4.69 million). Together, these four companies accounted for 62.4 per cent of total trading. Despite the increased activity, the MSE's main index slipped by 35 points to close at 4,543 points, ending a six-week streak of gains amid profit-taking in key stocks. The industrial index fell 94 points, financials were down 44 points, services dropped by 12 points, and the Shariah index edged down 3 points to 441. Market capitalisation rose by RO 82 million, closing at RO 28.88 billion. This was largely driven by gains in OQ Exploration and Production, whose market cap increased by RO 136 million after shares climbed by 17 baisas to 312 baisas. The company has scheduled an extraordinary general assembly for June 24 to consider amending its articles of association, including a proposal to allow share buybacks. Elsewhere, Al Anwar Investments invited shareholders to its AGM on June 30 to discuss a 4 baisa-per-share dividend and 4 per cent bonus shares. The company's shares ended the week at 85 baisas. Meanwhile, Fincorp Financial Services announced plans to exit the brokerage sector and transition into investment activities, pending approval from the Financial Services Authority and shareholder consent at an EGM on June 29. In the education sector, the Omani Education and Training Investment Company reported a net profit of RO 7.2 million for the first nine months of its fiscal year ending 31 August—up from RO 6.5 million in the same period last year. — ONA
Observer
18-05-2025
- Business
- Observer
Oman extends Area 53 oil concession to 2050, unlocking $30 billion investment
BUSINESS REPORTER MUSCAT, MAY 18 The Ministry of Energy and Minerals has signed an agreement to extend the Concession Area 53 license until 2050 with Occidental Mukhaizna and its consortium partners: OQ Exploration and Production, Indian Oil Corporation, Liwa, and PTT Exploration and Production. This strategic move aims to ensure the continued development of the Mahzaina oil field, which currently boasts the highest daily crude production in the Sultanate of Oman. The extension will also advance oil recovery through cutting-edge steam injection technology and development of the Thulaylat reservoir. Under the new agreement, investments are expected to reach around $30 billion over the concession period. These include both capital and operational expenditures to boost production efficiency and implement state-of-the-art extraction techniques for better resource utilization. The planned investments will also bolster the sustainability of the sector's supply chain and service contracts, stimulating broader economic activity and generating new employment opportunities in Oman's oil and gas industry. Commenting on the agreement, Eng Salim bin Nasser al Aufi, Minister of Energy and Minerals, stated: "The extension of Concession Agreement No. 53 represents a pivotal step towards ensuring the continued contribution of this vital field to the national economy. The anticipated investment volume will contribute to developing production and enhancing the added value of the energy sector in the Sultanate of Oman. We are committed to continuing to work with our partners to maximize the potential available in Concession Area No. 53, which is a fundamental pillar in our plans to sustain production efficiently and responsibly." The agreement underscores Oman's commitment to maintaining a resilient and forward-looking oil and gas sector—one that continues to serve as a cornerstone of national income through responsible resource management and the adoption of global best practices.
Observer
12-05-2025
- Business
- Observer
Key training programme to benefit 430 Omani graduates
MUSCAT: OQ Exploration and Production (OQEP), Oman's leading oil and gas company, announced on May 12, 2025, that it has launched a nationwide training programme designed to equip 430 young Omanis with vital technical and non-technical skills. The initiative, titled 'Tamayuz', attempts to bridge the gap between theoretical education and practical needs of the energy sector. On the initiative's terms, OQ signed a memorandum of cooperation with the Oman Energy Association (OPAL), assigning the body to manage the all-encompassing training programme. The signing was formally carried out by Eng Ahmed bin Said al Azkawi, CEO of OQ Exploration and Production; and Eng Mohammed bin Hamoud al Naabi, CEO of OPAL, during OQ's participation at the Oman Petroleum and Energy Exhibition (OPES) in Muscat. To work for six months to two years, the 'Tamayuz' programme will offer specialised vocational training which will respond to the evolving needs of the energy industry. The trainees will undergo rigorous readiness testing and, upon passing, be awarded accredited professional certificates. Eng Al Azkawi commented, 'This programme reflects OQ's steadfast commitment to nurturing Oman's national competencies,'. He furtherly stated, 'By equipping young Omanis with practical training and specialised technical skills, we are making a meaningful investment in their futures while strengthening the overall resilience of the national workforce.' He went on to highlight the strategic importance of partnering with OPAL, describing the association's industry expertise and technical acumen as instrumental to the programme's success. 'Tamayuz' is also considered a pillar under OQ's broader drive to align workforce development with Oman Vision 2040, Oman's national strategy for economic diversification and sustainable growth. Through skills gap filling and employability, the initiative is expected to enhance the competitiveness of Omani professionals in an increasingly specialised labour market. Speaking to the Observer, Sultan al Rumhi, Supervisor of Vision Offices and Strategic Partnerships, Unit for Monitoring the Implementation of Oman Vision 2040 stated, 'We celebrate today a step in the right direction towards empowering Oman's youth to apply useful training in the energy sector — a reflection of OQ Exploration & Production's commitment to building a bright future for Oman's citizens and developing their capabilities and expertise.' He furtherly noted 'We are pleased to announce the 'Tamayuz' training-for-development programme in association with the Oman Energy Association, under which we intend, in its first phase, to train 430 Omani graduates of engineering, technical and administrative disciplines during training sessions ranging from six months to two years.'
Yahoo
05-05-2025
- Business
- Yahoo
Oman pushes cleaner energy with green hydrogen and gas projects
Oman is increasing its bets on cleaner energy, with another green hydrogen auction round and a low-emission liquefied natural gas (LNG) bunkering project. The latest hydrogen auction is focused on Duqm, where 300 square km is available for solar and wind plants needed to produce the fuel. Formal bids are due early next year. It's big business: two previous rounds drew pledges of $49 billion to develop 30 gigawatts of renewable power and 1 million tons per year of hydrogen capacity. OQ Gas Networks is planning a national hydrogen pipeline network to support the projects. Further north, TotalEnergies and OQ Exploration and Production broke ground on the $1.6 billion Marsa LNG project. This will produce up to 1 million tons per year of fuel for ships and will be powered by a 300 megawatt solar plant, which the partners say will make it the world's lowest-emission LNG plant.
Muscat Daily
03-05-2025
- Business
- Muscat Daily
OQEP, TotalEnergies break ground at $1.6bn Marsa LNG Project in Suhar
Suhar – The groundbreaking ceremony for the Marsa LNG Project took place on Thursday in the Wilayat of Suhar, marking the launch of the largest joint investment between Oman's OQ Exploration and Production (OQEP) and French energy giant TotalEnergies. Valued at $1.6bn, the project is led by TotalEnergies with an 80% stake, while OQEP holds the remaining 20%. The groundbreaking ceremony was held under the patronage of H E Eng Salim bin Nasser al Aufi, Minister of Energy and Minerals, and attended by senior officials from TotalEnergies, OQEP, international investors, and business leaders. The Marsa LNG Project reflects OQEP's strategic commitment to developing Oman's energy sector in a way that delivers long-term sustainable value. It also marks the company's expansion into a new energy domain, LNG bunkering, which aligns with its strategy to build a more sustainable energy future. The implementation of the Marsa LNG Project strengthens Oman's position as a regional hub for clean marine fuel and represents a strategic partnership between OQEP and TotalEnergies. The project is the first of its kind in the Middle East for supplying ships with liquefied natural gas (LNG) as fuel, supporting the reduction of the maritime transport sector's carbon footprint through the establishment of low-emission infrastructure. In a press statement, H E Aufi said, 'The Ministry of Energy and Minerals reaffirms its commitment to supporting downstream energy projects as a key pillar for achieving economic integration across the sectors of industry, trade, ports, and logistics. The Marsa LNG Project embodies this vision through the development of advanced infrastructure to supply ships with LNG as a clean alternative fuel.' 'This project represents a major step forward in the transition towards low-emission energy, reinforcing Oman's position as a reliable regional hub for clean marine fuel. It aligns with the objectives of Oman Vision 2040 in sustainability and industrial innovation. We value this partnership and believe that downstream energy investments will drive economic growth, create high-quality and sustainable job opportunities, promote knowledge transfer, and empower national talent to meet the rising global demand for sustainable energy.' Patrick Pouyanné, Chairman and CEO of TotalEnergies, said, 'I'm very proud to see Marsa LNG breaking ground, alongside our longstanding partner OQEP, and with the strong support from Oman's authorities. This flagship project demonstrates that LNG production can be very low carbon, contributing to make gas a long-term transition fuel. With an ambitious technical design, we intend to set the standard and pave the way for the next generation of low-emissions LNG plants across the world. We also offer an effective way to support the shipping sector's energy transition, by providing lower-emissions marine fuel in a key location at the entrance of the Gulf.' Eng Ahmed al Azkawi, CEO of OQEP, said, 'The Marsa LNG Project represents a bold step forward, harnessing cutting-edge technology and strategic collaboration to ensure a cleaner, and affordable energy future. As the first LNG bunkering hub in the Middle East, Marsa LNG will play a pivotal role in reducing emissions in the shipping industry while reinforcing Oman's position as a key player in the global energy sector. We take immense pride in contributing to this transformative journey, one that sets new standards for low-carbon energy solutions.' The project consists of both upstream and downstream components. The upstream component includes the production of 150mn standard cubic feet of gas per day from Concession Block 10, which will then be transported via OQ's gas network to Sohar Port. The downstream component features a state-of-the-art LNG liquefaction plant with a capacity of 1mn tonnes per year, currently under construction at Sohar Port. LNG production is expected to begin in the first quarter of 2028 and will primarily cater to the marine fuel market (LNG bunkering) in the Gulf region. Notably, the Marsa LNG facility will be fully electrified and powered entirely by solar energy, positioning it among the lowest greenhouse gas intensity LNG plants globally, with emissions below 3 kg CO2e/boe, nearly 90% lower than the industry average of 35 kg CO2e/boe. The full electrification of the LNG plant will lead to over 6% increase in net production, with 99% of incoming natural gas converted into LNG. This setup offers greater operational flexibility and reduced maintenance costs. The site will also feature integrated infrastructure, including a 165,000 cubic metres of LNG storage tank and a 500-metre jetty designed to accommodate bunkering vessels and LNG carriers for regional export. A dedicated 300 MWp solar power plant will be constructed over a 450-hectare area to meet 100% of the LNG plant's energy needs. Marsa LNG is set to become the Middle East's first and leading LNG bunkering hub, strategically located in Suhar at the entrance to the Gulf, a major global shipping corridor. TotalEnergies has commissioned a new LNG bunkering vessel, the Monte Shams, with a capacity of 18,600 cubic metres. The vessel, named after Oman's Jabal Shams (Mountain of the Sun), will begin operations in mid-2028, joining TotalEnergies' growing fleet that includes Gas Agility (Rotterdam), Gas Vitality (Marseille), and Brassavola (Singapore).
