Omani state energy firm OQ invited banks to participate in a planned initial public offering (IPO) of its upstream subsidiary OQ Exploration & Production (OQEP) and its methanol and LPG units in Salalah. Given its extensive portfolio it is likely that any IPO of OQEP will surpass the record set by OQGN late last year (MEES, 13 October 2023).
OQ’s upstream presence stretches the length of Oman and includes key producing assets: 30% of Block 61 which includes the giant Khazzan gas field and produced 1.455bn cfd and 56,000 b/d for 2023, and a 20% share in Block 53 and its Mukhaizna heavy oil field where 2023 output was 85,000 b/d (MEES, 7 May 2021). (CONTINUED - 139 WORDS)