OQEP and Petronas Forge Upstream Energy Partnership: What It Means for Investors in Oman’s Energy Sector
OQEP and Petronas Carigali Ink MoU for Strategic Collaboration in Global Upstream Oil and Gas
Muscat, October 22 — OQ Exploration and Production New Ventures LLC (OQEP), a wholly owned subsidiary of OQ Exploration and Production SAOG, has signed a Memorandum of Understanding (MoU) with Petronas Carigali International Ventures Sdn Bhd (PCIV), a subsidiary of Malaysia’s Petronas. The agreement marks the beginning of potential strategic collaboration in the global upstream oil and gas sector.
The MoU was signed at OQEP’s Muscat headquarters 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.
This framework agreement will enable both parties to jointly explore upstream exploration and production opportunities worldwide, reflecting their shared ambition to enhance their international presence and generate long-term value through aligned strategic cooperation.
Mahmoud al Hashmi commented, “This MoU represents a meaningful step towards expanding OQEP’s international footprint through strategic partnerships. 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.”
The partnership will leverage the combined technical capabilities, operational excellence, and innovative approaches of OQEP and PCIV to capture new growth opportunities and provide reliable, sustainable energy solutions in international markets.
Mohd Redhani bin Abdul Rahman added, “We are pleased to formalise this collaboration with OQEP, a partner that shares our commitment to innovation and operational excellence. Together, we aim to pursue impactful opportunities that support the energy transition and create long-term value for our stakeholders.”
The MoU highlights both companies’ commitment to building strategic partnerships that advance their global growth objectives while supporting the ongoing evolution of the international energy landscape.
Special Analysis by Omanet | Navigate Oman’s Market
The strategic MoU between OQEP and Petronas signals a bold step for Omani businesses to expand their reach globally in the upstream oil and gas sector. This collaboration creates unique opportunities for joint innovation and sustainable growth, positioning Oman as a competitive player in the international energy market. Smart investors and entrepreneurs should now consider leveraging emerging partnerships and focusing on technology-driven, sustainable energy ventures to capitalize on evolving global dynamics.
