Oman's OQ Exploration and Production (OQEP) delivered strong results for the first half of this year, with higher production and stronger oil prices, driving double-digit growth in revenue, EBITDA and net profit, while it continued to invest in its growth strategy.
Oman has awarded Block 80 to OQEP and Turkish Petroleum, covering 5,737 sq km in Musandam. The $90 million exploration programme includes seismic surveys and drilling wells to enhance hydrocarbon development under Oman Vision 2040.
Oman has signed an concession agreement with a joint venture of Oman's OQ Exploration and Production and Malaysian group Petronas for an offshore block in the Sea of Oman spanning 21,000 sq km. This comes as part of the government's efforts to boost exploration and production activities in the sultanate.
Oman’s Ministry of Energy and Minerals has signed a concession agreement for Offshore Block 18 to support hydrocarbon exploration and production. Petronas will operate the block with a 70 per cent stake, while OQ Exploration and Production holds 30 per cent. The agreement includes a four-year exploration period, extendable to 30 years if commercial production is achieved.
