OQ Group reports net profit of $1.1bn in first half of 2023

OQ Group reports net profit of $1.1bn in first half of 2023

OQ Group's semi-annual report indicated that OQ achieved an average total production of oil from its operated assets and investment partnerships amounting to 222, 000 barrels per day. This represents a 7% increase in production during the first half of this year compared to the same period last year. Oil production in Block 60 rose to 61, 000 barrels of oil equivalent in the first half of 2023, up from 49, 000 barrels of oil equivalent in the first half of 2022. Turning to gas operations for the first half of 2023, the availability ratio of OQ's gas network was approximately 99. 999% across Omani governorates. OQ's daily natural gas production reached 471 million cubic feet, with 18 million cubic feet from the Group-operated assets. Production of OQ's partnership assets reached 454 million cubic feet of gas per day. Within the refineries and petrochemicals division, OQ reported an average refinery production of 302, 000 barrels per day in the first half of 2023. Additionally, the group's outputs included 595, 000 metric tonnes of polymer, approximately 497, 000 metric tonnes of methanol, 1, 016, 000 metric tonnes of aromatics, and 167, 000 metric tonnes of LPG. Reflecting OQ's dedication to economic