The Omani state-owned oil and gas company OQ Exploration and Production (OQEP) is planning to offer 25% of its total issued share capital on 30 September 2024. The offering, valued at up to OMR3.1bn (US$8.1bn), could raise as much as US$2bn. OQEP will offer 2 billion shares priced between 370 and 390 baisas per share, with the final price to be determined through a bookbuilding process. Trading on the Muscat Stock Exchange is expected to begin around 28 October 2024.
With an output of 246 kboe/d in 2023, including 149 kb/d of oil and 6 bcm of gas, OQEP’s production represented around 14% of Oman’s total oil, gas, and condensate output. As of June 2024, the company helds approximately 974 mboe in proven and probable reserves.
The IPO is part of Oman’s broader privatization efforts, led by the state-owned energy group OQ, aimed at diversifying the economy and reducing national debt. Oman produced 1 mb/d in 2023, as well as 47 bcm of natural gas.