OQEP Expands Upstream Portfolio and Strengthens International PartnershipsMuscat, 24 Oct 2026 (ONA) — OQ Exploration and Production SAOG (OQEP) is expanding its upstream portfolio in the Sultanate of Oman and strengthening partnerships with leading international energy companies as it advances its growth strategy to achieve the 2030 production target of approximately 300,000 barrels of oil equivalent per day (boe/d).By the end of H1 2026, OQEP reported 228,200 boe/d, an increase of 2.7% compared with the same period in 2025, reflecting continued progress across the company’s portfolio. The strategy driving this trend combines organic growth in Oman with targeted acquisitions and selective international expansion, underpinned by financial and operational discipline.Domestically, OQEP signed an agreement to acquire a 35% non-operated participating interest in Block 27 from Mitsui E&P Middle East for a disclosed consideration of RO 28.8 million. The producing block is operated by Occidental, and the interest is expected to add approximately 3,500 boe/d to OQEP’s net production in 2026.OQEP also signed a concession agreement for offshore Block 18 in partnership with PETRONAS. Covering more than 21,000 square kilometres, the block represents a substantial exploration opportunity.The agreement builds on the memorandum of understanding signed between the two companies in October 2025, demonstrating OQEP’s approach to converting strategic relationships into concrete investment opportunities.In Musandam Governorate, OQEP and Turkish Petroleum Overseas Company Limited (TPOC) signed a concession agreement for offshore Block 80. Each partner holds a 50% participating interest, with OQEP acting as operator. The agreement strengthens investment in the area’s oil and gas resources and supports further exploration and development.Alongside these additions, OQEP continues to develop its existing assets. The company signed an amendment to the Exploration and Production Sharing Agreement (EPSA) for Block 9, in which it holds a 45% participating interest.Exploration successes in Blocks 60 and 48 offer further potential for production growth, supported by progress in exploration activities across other parts of the portfolio.Internationally, OQEP is taking a selective approach that prioritises the assessment of opportunities before committing to investment. Through OQ Exploration and Production New Ventures LLC, the company signed a strategic cooperation agreement with KazMunayGas (KMG), Kazakhstan’s national oil and gas company, to identify and evaluate potential upstream investment opportunities in Kazakhstan and Oman.The agreement opens a new avenue for exploring joint investment in exploration and production with one of Central Asia’s leading national energy companies. It also strengthens OQEP’s network of international partnerships, supporting access to new markets and resources through carefully assessed opportunities.OQEP also signed a memorandum of understanding with the Libyan Investment Authority (LIA), establishing a framework to explore joint upstream investment opportunities in Oman, Libya and international markets. The cooperation supports the company’s ambition to build a more geographically diversified portfolio.Mahmood Abdullah Al Hashmi, Chief Executive Officer of OQEP, said: “Our growth strategy starts from a strong foundation in Oman. We are focused on maximising value from our assets and natural resources while building strategic partnerships that open new growth opportunities at home and abroad. The agreements and partnerships we have established demonstrate our ability to expand our investments and pursue carefully considered international growth, in line with investment criteria aimed at delivering sustainable shareholder value.”He added: “We aim to build a more diversified and efficient portfolio by drawing on OQEP’s expertise and partnerships with major energy companies. This will support our ambition to reach approximately 300,000 barrels of oil equivalent per day by 2030 and reinforce our position as a trusted Omani partner in the upstream sector, both domestically and internationally.”These initiatives build on OQEP’s diversified asset portfolio and its experience of working alongside leading energy companies, including bp, Shell, TotalEnergies, Occidental, PETRONAS and Eni. Block 60 remains a core asset in the company’s operating portfolio, with continued development of the Bisat field supporting its production capabilities.OQEP’s international strategy builds on established relationships with national and international oil companies, with a focus on assets whose risks have been carefully assessed and interests with the potential to generate cash flow. It also draws on Oman’s established relations with partner countries to open new markets, create opportunities and leverage the operational expertise the company has developed in Oman.Looking ahead, OQEP will continue to maximize value from its domestic portfolio through exploration, development, concession extensions and the acquisition of additional interests. In parallel, its expanding network of international partnerships will support access to opportunities in the Middle East, North and East Africa, and Southeast Asia, broadening the company’s options for growth towards its 2030 ambitions.— Ends/AH