OQ Exploration and Production (“OQEP”), Oman’s largest pure[1]play oil and gas exploration and production company and its only wholly-Government owned upstream oil and gas operator, today announces its intention to proceed with an initial public offering (the “IPO” or the “Offering”) and to list its ordinary shares (the “Shares”) for trading on the Muscat Stock Exchange (“MSX”). HSBC, Natixis, OIB and Sohar International have been appointed as joint global coordinators (the “Joint Global Coordinators”).
Sohar International has been appointed as the issue manager (“Issue Manager”). The Offering provides investors exposure to a top three oil and gas producer and one of the largest holders of reserves in the Sultanate of Oman. The Company has witnessed significant growth, expanding its average daily production nearly 14 times from its inception in 2009 to 2023. OQEP’s portfolio includes successful joint venture partnerships. The Company has been the partner of choice for international oil & gas companies that explore and develop hydrocarbon resources in the Sultanate of Oman.
OQEP benefits from Oman’s fundamental advantages, including (i) its strategic location in a prolific hydrocarbon province with direct access to global shipping routes and logistics hubs; (ii) its well[1]developed oil and gas sector; (iii) a stable and highly prospective oil and gas operating environment which has attracted many international investors; (iv) the Government of Oman’s encouragement of investment in gas-intensive industries to support economic diversification and hydrocarbon value optimisation; and (v) an established and competitive regulatory and fiscal framework for the hydrocarbon sector.
The Company has a proven track record of delivering value and growth. The Company’s strong cashflows and optimal capital structure supports self-funded growth and attractive shareholder returns.