OQ Exploration & Production,
Petronas Forge Strategic Partnership in Oil, Gas Sector

Muscat, 22 Oct (ONA) — OQ
Exploration and Production New Ventures, a fully-owned subsidiary of OQ
Exploration and Production, and Petronas Carigali International Ventures SDN.
BHD. have formalized a strategic cooperation agreement through the signing of a
memorandum of understanding focused on collaborative ventures within the oil
and gas exploration and production sector.

The memorandum was executed by Mahmoud
bin Abdullah Al Hashmi, Acting Chief Executive Officer of OQ Exploration and
Production and Mohd Redhani Abdul Rahman, Vice President of International
Assets of Petronas.

This memorandum establishes a
comprehensive framework for both entities to identify and pursue cooperative
opportunities in international energy projects. The partnership aims to unlock
new growth potential in strategic markets while delivering reliable and
sustainable energy solutions. The memorandum underscores the commitment of both
companies to developing meaningful partnerships that support their respective
international expansion strategies and contribute to the advancement of the
global energy landscape.

Mahmoud bin Abdullah Al Hashmi,
Acting CEO of OQ Exploration and Production, commented: “This memorandum
represents a significant milestone in expanding OQ Exploration and Production’s
international footprint through strategic alliances. Petronas brings
substantial expertise and profound understanding of international markets, and
we anticipate exploring synergistic opportunities that will create new pathways
for value creation and sustainable growth across multiple key markets.”

Mohd Redhani Abdul Rahman, Vice
President of International Assets of Petronas, commented: “Our
collaboration with OQ Exploration and Production represents a strategic
initiative to capitalize on significant opportunities within the energy
transition landscape. We are committed to generating long-term value for all
stakeholders through this partnership while contributing to the sustainable evolution
of the global energy sector.”

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Ends/Khalid