OQEP, Petronas sign deal to expand global footprint in oil and gas exploration

23/10/2025 06:01 AST

OQ Exploration and Production New Ventures LLC (OQEP), a wholly owned subsidiary of OQ Exploration and Production, has signed a Memorandum of Understanding (MoU) with Petronas Carigali International Ventures (PCIV), a subsidiary of Malaysian oil and gas giant Petronas, paving the way for both companies to expand their international presence in the upstream sector.

The MoU was signed at OQEP's headquarters in Muscat by Mahmoud al Hashmi, Acting Chief Executive Officer and Chief Operations Officer of OQEP, and Mohd Redhani bin Abdul Rahman, Vice President of International Assets at Petronas Upstream, according to a statement released by OQEP.

The agreement provides a framework for the two parties to jointly explore exploration and production opportunities worldwide. The partnership reflects the shared ambition of OQEP and PCIV to broaden their global footprint and create long-term value through strategic alignment.

"This MoU represents a meaningful step towards expanding OQEP's international footprint through strategic partnerships," said Mahmoud Al Hashmi, Acting Chief Executive Officer and Chief Operations Officer of OQEP. "PETRONAS brings a wealth of experience and technical expertise, and we look forward to exploring synergies that can unlock new value and drive sustainable growth across key markets."

By leveraging their combined technical expertise, operational excellence, and innovative capabilities, OQEP and PCIV aim to unlock growth opportunities in key markets and deliver reliable, sustainable energy solutions.

"We are pleased to formalise this collaboration with OQEP, a partner that shares our commitment to innovation and operational excellence," said Mohd Redhani bin Abdul Rahman, Vice President International Assets, PETRONAS Upstream. "Together, we aim to pursue impactful opportunities that contribute to the energy transition and create long-term value for our stakeholders."

In a separate statement, Petronas said the agreement with OQEP seeks to leverage Petronas' extensive international experience and OQEP's regional strengths to unlock growth in key markets across the Middle East and Southeast Asia.

The MoU underscores both companies' commitment to fostering partnerships that support their international growth strategies and contribute to the advancement of the global energy sector.

OQEP is a key player in Oman's energy sector, renowned for developing the nation's hydrocarbon resources and building trusted partnerships. Listed on the Muscat Stock Exchange (MSX) since 2024, OQEP has achieved proven success in complex assets such as Block 60, leveraging advanced technologies and operational excellence to drive efficiency and growth.

Through strategic acquisitions and continuous optimisation, the company has boosted production nearly fourteenfold since inception, reflecting its innovative and commercially driven approach.

Muscat Daily