OQ achieves growth in upstream and downstream segments

OQ Exploration & Production (EP), the upstream energy arm of OQ

-*0+Ǡ# .- +*-/ .$")$ơ )/ 11 per cent increase in the average production of hydrocarbons from its sizable portfolio of operated and non-operated assets to 246K barrels *! *$' ,0$1 ' )/Ȓ 4 Ǿ * Ȓ ǿ $) ƮƬƮƯǞ

OQ EP has interests in as many as 10 upstream blocks in the Sultanate of Oman, as well as two other *$'ơ ' .. /.ǟ / $) '0 . '* & ƲƬ (with 60 per cent participating interest), Block 48 (60 per cent), Block 42 (50 per cent), Block 10 (20 per cent), Block 9 (45 per cent), Block 61 (30 per cent), Block 65 (27 per cent), Block 30 (27 per cent), Karim *$'ơ ' . ǾƮƱ + - )/ǿǡ $( *$'ơ ' . (25 per cent), Block 53 (20 per cent), and Block 52 (15 per cent).

The Group also has a 20-per cent interest in the exploration rights and license for exploring for oil in

)*$'ơ ' *) ..$*)'* / $) Dunga (Kazakhstan) through OOCL, a 100-per cent subsidiary of the Group.

According to Ashraf al Maamari,

Acting Group CEO – OQ, the output $) - . .0-+ .. ǭ. +-* 0 - /$*) / -" / !*- ƮƬƮƯǞ Ǯ # -*0+ǭ. continued emphasis on operational excellence was also highlighted in 2023. On the Upstream front, the early on-stream of Block 10, coupled with persisting performance from OQ Exploration and Production (OQ

ǿǭ. 3$./$)" '* &.Ǡ ' /* 3ceeding its annual production target !*- /# 4 -Ǡǯ # ./ / $) -*0+ǭ. recently issued 2023 Annual Report.

$")$ơ )/'4Ǡ *! /# *( $) 1erage oil and gas production of 246K * Ȓ 4 #$ 1 $) ƮƬƮƯǠ ƲƱǞƯ * Ȓ ( !-*( ǭ. *+ - / .. /. $) ( )ǟ # - ( $)$)" ƭƴƭǟʈ * Ȓ of production was generated by nonoperated assets and joint ventures. Crude oil production and condensate production from its operated assets averaged 59.9K barrels per day in 2023, up from 51K bpd in 2022. The *-- .+*) $)" ơ"0- !*- $/. )*)Ƕ*+erated assets climbed to 92.2K bpd in 2023, up from 86K bpd a year earlier. Natural gas production from its operated assets averaged 16 million ./ ) - 0 $ ! /Ȓ 4 Ǿ((. !Ȓ ǿ $) ƮƬƮƯǠ *2) !-*( ƮƳ ((. !Ȓ $) ƮƬƮƮǞ Output from its non-operated assets '$( $) ƮƬƮƯ /* Ʊƭƴ ((. !Ȓ Ǡ 0+ !-*( ưʋƴ ((. !Ȓ 4 - -'$ -ǟ

ǭ. *+ - /$*) ' + -!*-( ) across its Commercial and Downstream portfolio was also noteworthy during 2023. The highlight of the year 2 . /# 0,( ơ) -4ǭ. Ǿ ƴǿ ơ-./ on-spec production of diesel ahead of /# +' )/ǭ. *+ )$)" $) ƮƬƮƯǞ

ơ) -$ . ƪ /-* # ($ ' Industries LLC (OQ RPI) processed a total of 81 million barrels of crude in 2023, which was slightly lower /# )/# +- 1$*0.4 -ǭ./*/ '*!ƴưǟƴ million barrels. Polymer production from OQ Polymers amounted to 1.272 million tonnes, up from 1.242 million tonnes in 2022. LPG production climbed to 336,000 metric tonnes in 2023, up from 280,000 metric tonnes in 2022. Ammonia production by OQ Ammonia soared to 264,000 metric tonnes in 2023, up from 90,000 metric tonnes in 2022 following its start-up that year. Finally, methanol production amounted to 904,000 metric tonnes in 2023, down from 1.133 million metric tonnes in 2022.