MUSCAT, JUNE 23
OQ Exploration & Production (OQEP) - the upstream arm of Oman’s integrated energy group OQ - has announced the signing of a Memorandum of Understanding (MoU) with Pertamina Hulu Energi, the upstream subsidiary of Indonesian state-owned energy corporation Pertamina.
In a post, publicly traded OQEP said the pact will enable the two sides to explore joint investment opportunities in the oil and gas sector across Oman, Indonesia, and international markets, thereby supporting the Omani firm’s objectives of increasing reserves and production.
“This collaboration opens new opportunities to explore joint investments across Oman, Indonesia, and other international markets, supporting our ambitions to grow reserves, increase production, and create long-term value for our shareholders,” said Hamoud al Hashmi, Chief Executive Officer of OQEP. “I look forward to working closely with our partners at Pertamina to translate this agreement into tangible opportunities and successful outcomes,” he added.
Pertamina Hulu Energi (PHE) oversees the exploration, development and production of Indonesia’s hydrocarbon resources both domestically and internationally. Established to consolidate Pertamina’s upstream operations, PHE manages a diverse portfolio of producing assets, exploration blocks and strategic investments across Indonesia and overseas markets.
The company plays a central role in Indonesia’s energy security agenda, contributing the majority of the nation’s crude oil and natural gas output while pursuing enhanced recovery, digitalisation, emissions reduction and technological innovation initiatives. With operations spanning mature fields, frontier exploration areas and unconventional resources, the company has emerged as one of Southeast Asia’s leading upstream energy corporations, focused on sustaining production growth and supporting Indonesia’s long-term energy needs.
Importantly, the agreement builds on OQEP’s steadily expanding network of relationships with international energy companies. The company currently participates in joint ventures across 14 concession areas in the Sultanate alongside partners including BP, Shell, Eni, Petronas, Occidental, and Medco, reflecting its ability to add value across the full exploration and production lifecycle.
More recently, OQEP has forged new partnerships with Genel Energy, Turkish Petroleum Corporation (TPAO) and CNPC, while successfully converting its memorandum of understanding with Malaysia’s Petronas into a concession agreement for offshore Block 18.
Through these partnerships with international oil companies (IOCs), OQEP is expanding into strategic markets, pursuing low-risk minority interests that generate stable cash flows, and deploying its operational expertise in new regions.
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