Oman’s upstream sector has benefited from an upswing in oil prices coupled with stable output this year, as its operations have been unaffected by the regional conflict. For state upstream firm OQ Exploration and Production (OQEP), this has translated into windfall revenues and profits. Revenues increased 31% sequentially to reach $1bn for the first time in Q2, while profits were up 38% to $330mn (see chart).
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