MUSCAT: OQ Exploration and Production (OQEP) has signed a strategic cooperation agreement with Kazakhstan’s national oil and gas company, KazMunayGas (KMG), to identify, assess and pursue potential upstream investments in Oman, Kazakhstan and international markets.
Signed during His Majesty Sultan Haitham bin Tarik’s visit to Kazakhstan, the agreement establishes a framework for cooperation in exploration, field development and producing assets, strengthening energy investment ties between the two countries.
Ashraf Hamed al Mamari, Chairman of OQEP, signed the agreement with Askhat Khassenov, Chairman of the Management Board and Chief Executive Officer of KazMunayGas.
The companies will jointly assess upstream blocks and assets with discovered resources, development projects and producing fields. Potential investments could include participating interests, equity stakes and other interests in upstream assets, alongside joint ventures and other partnership structures.
The agreement also provides for joint technical studies and cooperation on bids, licences, tenders and strategic partnerships.
“This agreement marks an important milestone in OQEP’s growth journey as we continue to expand our portfolio in Oman and internationally,” Al Mamari said.
“Our cooperation with a leading national energy company such as KazMunayGas reflects our commitment to building effective partnerships and investing in promising opportunities with strong economic potential.” The companies will explore technical and commercial opportunities in field development, production optimisation, enhanced oil recovery, mature fields, gas development and associated infrastructure.
They will also exchange expertise and best practices in subsurface disciplines, operations, health, safety and environment, project execution, digitalisation, governance and capability development.
Al Mamari said the collaboration would support the exchange of expertise and assessment of growth opportunities, particularly in exploration, field development and producing assets, while seeking to strengthen the sector’s long-term sustainability and create enduring value for Oman.
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