The IPO will provide ‘investors exposure to a Top 3 oil and gas producer and one of the largest holders of reserves in the Sultanate’, says the company. It has been expanding its average daily production ‘nearly 14 times from its inception in 2009’.
The OQEP portfolio includes joint venture partnerships. “The company has been the partner of choice for international oil and gas companies that explore and develop hydrocarbon resources in Oman,” the statement adds. (The company will pay a pre-IPO dividend related to H1-2024 of $300 million. In this period, it made OR427.9 million as revenue and OR176.1 million as profit.)
The retail tranche represents 40 per cent of the total issue size. Retail investors in the Category II offer will be assigned as ‘either a large retail investor or a small retail investor depending on the size of their subscription amount’.
A portion of the Category II Offer will be earmarked to large retail investors and the remainder of the Category II Offer to smaller aspirants.
“Together with our ultimate shareholders at the Oman Investment Authority, we continue to broaden the reach of OQ companies, offering an attractive and robust investment case to the global market,” said Ashraf Hamed Al Mamari, Group CEO of OQ.
“OQ Exploration and Production – with its leading position in maximising Oman’s natural resources – underscores our focus on sustainable development and local value creation.”
It was in October last year that another entity from the group, OQ Gas Networks, had its own listing on Muscat Stock Exchange. At the time it was the Gulf state’s biggest IPO in nearly 20 years.
For the next two financial years, the Company expects to pay quarterly dividends representing:
“Our strategic goals, aligned with Oman’s Vision 2040, focus on monetising the country’s hydrocarbon resources while supporting the energy transition,” said Ahmed Al-Azkawi, CEO of the company now heading for a listing. “OQEP is a reliable partner for 13 reputable international companies owing to our significant growth trajectory, robust portfolio of assets, and record-breaking production of nearly 14 times higher since inception.”