Omani state upstream firm OQ Exploration and Production (OQEP) is a major player in the country’s upstream sector, with its sizeable portfolio of oil and gas fields consistently yielding more than 200,000 boe/d in working interest production. Output has been broadly flat over the past year, with 9M WI output of 224,000 boe/d edging down 2%. Production is relatively balanced between oil (121,000 b/d) and gas (103,000 boe/d: 337mn cfd).
Despite this, sales volumes were up 6.2% year-on-year to 118,500 boe/d. Gas sales were flat at around 336mn cfd, with oil up 12% to 62,000 b/d due to contract terms across its portfolio that see OQEP and its partners assigned higher volumes of equity oil when oil prices fall (see chart 1). (CONTINUED – 803 WORDS)
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