OQEP and Petronas forge pact in upstream energy

BUSINESS REPORTER

MUSCAT, OCT 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 Petronas, marking the start of a potential strategic collaboration in the global upstream oil and gas 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.

The agreement sets a framework for both parties to jointly explore upstream exploration and production opportunities worldwide. The collaboration reflects the shared ambition of OQEP and PCIV to strengthen their international presence and generate long-term value through strategic cooperation and alignment.

“This MoU represents a meaningful step towards expanding OQEP’s international footprint through strategic partnerships”, said Mahmoud al Hashmi, Acting CEO and COO of OQEP. “Petronas brings a wealth of experience and technical depth and we look forward to exploring synergies that can unlock new value and drive sustainable growth across key markets”.

Through the partnership, OQEP and PCIV will leverage their combined technical capabilities, operational excellence and innovative approaches to capture new growth opportunities and deliver reliable, sustainable energy solutions in international markets.

“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 of 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”.

The MoU underscores both companies’ shared commitment to building strategic partnerships that advance their global growth ambitions while supporting the continued evolution of the international energy landscape.