Latest news with #OQEP
Zawya
2 days ago
- Business
- Zawya
Oman: OQEP launches share buy back programme
Muscat – OQ Exploration and Production Company (OQEP) on Thursday announced a share buy back programme following approval from the Financial Services Authority of Oman (FSA). The programme is intended to further enhance OQEP's ability to deliver value to its shareholders, in addition to its current base annual dividend of $600mn and half-yearly performance linked dividend. The share buy back programme will be initiated 15 days after this announcement, in accordance with FSA and Muscat Stock Exchange regulations. The programme will be conducted pursuant to the company's extraordinary general meeting held on June 24, 2025, which amended its Articles of Association to enable OQEP to repurchase its shares. Following commencement, the programme will be maintained for a period of up to six months or until the target range for share repurchases is achieved. The target range for repurchase is 45mn to 60mn ordinary shares. Ahmed al Azkawi, CEO of OQEP, said, 'The share buy back programme reflects our confidence in OQEP's strong fundamentals and long-term growth prospects. Our shareholders will now benefit from a return of capital programme which includes a base dividend of RO231mn, a performance linked dividend and share buy back programme. OQEP continues to focus on growth, operational excellence, portfolio optimisation, generating robust and predictable cash flow, and ensuring long-term value for its shareholders.' © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Times of Oman
6 days ago
- Business
- Times of Oman
OQEP enhances shareholder value through share buyback programme
Muscat: OQ Exploration and Production (OQEP) has announced a share buyback programme 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 OMR231 million (equivalent to $600 million) and its semi-annual performance-linked dividends. The company stated that the programme will commence 15 days from Thursday, 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 programme targets the acquisition of between 45 million and 60 million shares over a period of six months from the programme's commencement, or until the targeted share purchase is completed. Eng. Ahmed Said Al Azkawi, CEO of OQ Exploration & Production, explained that this programme 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 programme that includes the OMR231 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, optimising its investment portfolio, generating strong and predictable cash flows, and ensuring long-term value for its shareholders.
Zawya
17-07-2025
- Business
- Zawya
OQEP, TPAO ink exclusive pact to evaluate Oman upstream blocks
MUSCAT - OQ Exploration & Production New Ventures LLC, a subsidiary of OQ Exploration & Production (OQEP), has signed a tripartite Exclusivity Agreement with the Omani Ministry of Energy and Minerals and Türkiye's state-owned energy giant Turkish Petroleum Corporation (TPAO). The agreement grants the parties exclusive rights to evaluate specific oil and gas blocks in the Sultanate of Oman for a three-month period. Publicly traded OQEP disclosed the agreement in a filing to the Muscat Stock Exchange (MSX) on Wednesday, July 16. According to Turkish media, the agreement was signed during the official visit to Muscat by Türkiye's Minister of Energy and Natural Resources, Alparslan Bayraktar, earlier this week. During the visit, Bayraktar held bilateral talks with Eng Salim bin Nasser al Aufi, Oman's Minister of Energy and Minerals. As part of the visit, a Memorandum of Understanding (MoU) was also signed between the two countries. The MoU commits both sides to exchange technical expertise, align regulatory frameworks, explore joint energy projects and examine financing mechanisms aimed at enhancing efficiency and accelerating the transition to cleaner fuels. Potential areas of collaboration include crude oil exploration, LNG trade, renewable energy development, energy storage technologies and alternative fuels. A dedicated workstream will also explore opportunities in green hydrogen production, storage and transport — an emerging focus area under Oman's net-zero 2050 strategy. Separately, OQEP and TPAO signed another agreement to explore broader opportunities for investment and cooperation in other energy-related domains. TPAO, wholly owned by the Turkish government, is Türkiye's national oil company. While originally integrated across exploration, production, refining, marketing and transportation, it has since the 1980s focused primarily on exploration and production. In addition to its significant domestic footprint, TPAO is active internationally in countries such as Azerbaijan, Libya, Pakistan, Hungary, Somalia, Iraq and Russia. From deepwater production in the Black Sea to seismic exploration globally, TPAO plays a key role in Türkiye's push for energy independence and regional leadership in hydrocarbons. OQEP — Oman's largest pure-play upstream operator and the upstream arm of majority state-owned OQ Group — has a portfolio of around 15 onshore and offshore assets. With a daily output averaging around 230,000 barrels of oil equivalent, OQEP accounts for roughly 14% of Oman's total hydrocarbon production. In addition to its core operations, OQEP also holds a 20 per cent stake in Marsa LNG, a low-carbon marine LNG bunkering project under construction at SOHAR Port and Freezone, led by TotalEnergies. Earlier this year, OQEP was designated by the Ministry of Energy and Minerals to support the joint marketing of up to 11 new concession blocks to be launched as part of multiple bid rounds in 2025. The effort is being undertaken in partnership with the Ministry and Toronto-based Scotiabank, a global leader in oil and gas M&A advisory, with deep finance and technical expertise in the energy sector. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
16-07-2025
- Business
- Observer
OQEP, TPAO ink exclusive pact to evaluate Oman upstream blocks
MUSCAT, JULY 16 OQ Exploration & Production New Ventures LLC, a subsidiary of OQ Exploration & Production (OQEP), has signed a tripartite Exclusivity Agreement with the Omani Ministry of Energy and Minerals and Türkiye's state-owned energy giant Turkish Petroleum Corporation (TPAO). The agreement grants the parties exclusive rights to evaluate specific oil and gas blocks in the Sultanate of Oman for a three-month period. Publicly traded OQEP disclosed the agreement in a filing to the Muscat Stock Exchange (MSX) on Wednesday, July 16. According to Turkish media, the agreement was signed during the official visit to Muscat by Türkiye's Minister of Energy and Natural Resources, Alparslan Bayraktar, earlier this week. During the visit, Bayraktar held bilateral talks with Eng Salim bin Nasser al Aufi, Oman's Minister of Energy and Minerals. As part of the visit, a Memorandum of Understanding (MoU) was also signed between the two countries. The MoU commits both sides to exchange technical expertise, align regulatory frameworks, explore joint energy projects and examine financing mechanisms aimed at enhancing efficiency and accelerating the transition to cleaner fuels. Potential areas of collaboration include crude oil exploration, LNG trade, renewable energy development, energy storage technologies and alternative fuels. A dedicated workstream will also explore opportunities in green hydrogen production, storage and transport — an emerging focus area under Oman's net-zero 2050 strategy. Separately, OQEP and TPAO signed another agreement to explore broader opportunities for investment and cooperation in other energy-related domains. TPAO, wholly owned by the Turkish government, is Türkiye's national oil company. While originally integrated across exploration, production, refining, marketing and transportation, it has since the 1980s focused primarily on exploration and production. In addition to its significant domestic footprint, TPAO is active internationally in countries such as Azerbaijan, Libya, Pakistan, Hungary, Somalia, Iraq and Russia. From deepwater production in the Black Sea to seismic exploration globally, TPAO plays a key role in Türkiye's push for energy independence and regional leadership in hydrocarbons. OQEP — Oman's largest pure-play upstream operator and the upstream arm of majority state-owned OQ Group — has a portfolio of around 15 onshore and offshore assets. With a daily output averaging around 230,000 barrels of oil equivalent, OQEP accounts for roughly 14% of Oman's total hydrocarbon production. In addition to its core operations, OQEP also holds a 20 per cent stake in Marsa LNG, a low-carbon marine LNG bunkering project under construction at SOHAR Port and Freezone, led by TotalEnergies. Earlier this year, OQEP was designated by the Ministry of Energy and Minerals to support the joint marketing of up to 11 new concession blocks to be launched as part of multiple bid rounds in 2025. The effort is being undertaken in partnership with the Ministry and Toronto-based Scotiabank, a global leader in oil and gas M&A advisory, with deep finance and technical expertise in the energy sector.
Times of Oman
28-05-2025
- Business
- Times of Oman
OHI Leo Burnett clinches big wins at 2025 Transform Awards MEA, marking 12 years of branding excellence
Oman's leading communications agency, OHI Leo Burnett, once again raised the bar in brand excellence across the region, winning three major accolades at the Transform Awards MEA 2025 in Dubai. This year's edition, held at the Mandarin Oriental Jumeirah, recognised outstanding work in brand development and strategic design. OHI Leo Burnett proudly represented the Sultanate as the only shortlisted agency from Oman—continuing an unmatched record of 12 consecutive years of recognition at the Middle East and Africa's most prestigious brand transformation awards. The agency secured: • Gold for its bold rebranding of OQ Exploration & Production (OQEP) • Silver for the branding of the Oman Institute for Energy (OIE) • Bronze for a dynamic rebrand of Douglas OHI 100% Omani-owned entity, OHI Leo Burnett is led by a homegrown team of professionals across client servicing, creative, and digital communications. Their work is supported by a multicultural team that blends regional and international experience - positioning the agency to serve both legacy clients and future-focused brands across Oman. 'We are proud of the recognition OHI Leo Burnett has received at the Transform MEA 2025 Brand Awards. This reinforces our competitive standing in Oman and the region and further strengthens our belief in the power of partnerships with our clients,' said Ammar Al Saleh, Chairman of the OHI Group. 'OHI Leo Burnett's track record is more than just a streak of awards - it's a sign of strategic consistency and creative depth,' said Aaron Hennessey, Group Chief Operating Officer at OHI. As we expand our footprint across the region, this agency plays a vital role in how we tell our story and support our clients in building brands that last.'
