OQEP & Libya forge oil and gas partnership

TRIPOLI: OQ Exploration and Production (OQEP) has signed a Memorandum of Understanding (MoU) with Libya's Investment Authority (LIA), marking a significant step towards strengthening energy cooperation between the Sultanate of Oman and Libya and opening new avenues for joint investment in the oil and gas sector.
The agreement was signed in Tripoli by Ashraf bin Hamad al Maamari, Chairman of OQEP, and Dr Ali Mahmoud Hassan, Chairman and Chief Executive Officer of the LIA, in the presence of Abdul Hamid Dbeibah, Prime Minister of Libya's Government of National Unity.
The MoU establishes a strategic framework for identifying and pursuing joint investment opportunities in oil and gas exploration and production projects in both countries as well as in international markets. The partnership aims to support the growth ambitions of both organisations while creating long-term economic value through high-quality and sustainable investments.
The agreement comes as OQEP continues to advance its international growth strategy, which focuses on expanding its asset portfolio, increasing production and reserves, and securing attractive investment opportunities in promising energy markets. The initiative is aligned with the company's broader vision of strengthening its position as an Omani energy company with an expanding regional and global footprint.
The partnership also reflects growing interest in energy investment opportunities amid ongoing changes in the global energy landscape. Libya, which possesses substantial hydrocarbon resources and occupies a strategically important position in regional energy markets, is increasingly attracting attention from international investors seeking growth opportunities in the sector.
Through the collaboration, both parties will explore high-potential projects that can enhance competitiveness, diversify growth sources and support future expansion plans. The agreement is also expected to contribute to OQEP's objectives of increasing reserves and production while broadening its investment base beyond Oman.
By pursuing new opportunities abroad, OQEP aims to strengthen its contribution to sustainable economic value creation, support national economic diversification goals and maximise returns from strategic investments. — ONA