OQ Exploration and Production (OQEP), Oman’s state-owned oil and gas upstream exploration and production (E&P) company, will pursue an initial public offering (IPO) for up to 25% of its shares.
HSBC, Natixis, OIB and Sohar International will jointly coordinate the process, with Sohar International acting as the issue manager.
OQEP is one of the Oman’s largest holders of reserves, growing its annual daily production nearly 14 times since its formation in 2009 to 249,000 boe/d net in 2023. That represents about 14% of the country’s total oil, gas and condensate production for the year.
Its portfolio comprises 14 upstream oil and gas E&P assets, including offshore and onshore operations and others under service contracts.
Reuters reported that Oman's OQ could raise $2 billion from the sale of a 25% stake in its OQEP exploration and production business, a source with knowledge of the matter said, in what would be the Gulf region's biggest IPO so far this year.
