NEW STREAMS

Ahmed Al Azkawi, CEO of OQEP, led the company through its landmark $2 billion IPO on the Muscat Stock Exchange in October 2024. He's now focused on assessing expanding beyond Oman and optimizing OQEP's portfolio for long-term growth and resilience.

- HAGAR OMRAN

Under its Vision 2040, the Sultanate of Oman is advancing an ambitious strategy to diversify its economy, deepen capital markets, and attract global capital across high-growth sectors, including a more competitive and sustainable energy industry. This shift is gaining momentum as the country adapts to changing global energy dynamics. As of May 30, 2025, Brent crude futures stood at $62.8 per barrel, down 18.8% from around $77.3 a year earlier. Oman’s public revenues also fell 7% to $6.8 billion by the end of Q1 2025. This decline, primarily due to reduced hydrocarbon revenue, led to net oil revenue dropping 13% to $3.8 billion in the first three months of 2025. However, these numbers reinforce the value of Oman’s forward-looking reforms and the rising role of performance-driven national champions.

At the forefront of this transformation stands OQ Exploration and Production (OQEP). Founded in 2009 as Oman Oil Exploration and Production LLC (OCEP), the company was rebranded in 2024 as OQ Exploration and Production (OQEP) following its integration into OQ Group in 2019, Oman’s global integrated energy group.

During this 16-year journey, the company grew from a single asset with a modest production rate of 18,000 barrels of oil equivalent per day in 2009, to a portfolio of over 14 assets today—nine of which are producing—with an average working interest production rate of approximately 220,000 barrels of oil equivalent per day. This represents a growth in production of 13 times, with OQEP now being responsible for around 14% of Oman’s oil and gas production.