PETRONAS, through its subsidiary PETRONAS Carigali International Ventures (PCIV) has signed a Memorandum of Understanding (MoU) with OQ Exploration and Production New Ventures (OQEP) a wholly-owned subsidiary of OQ Exploration and Production SAOG, paving the way for both companies to jointly pursue oil and gas exploration and production across the Middle East and Southeast Asia.
The MoU provides a framework for collaboration that leverages PETRONAS’ international upstream expertise and OQEP’s regional knowledge, aiming to unlock new growth opportunities and accelerate value creation in diverse markets.
The signing ceremony took place at OQEP’s headquarters in Muscat, Oman.
The agreement was signed by Mohd Redhani Abdul Rahman, Vice President of International Assets of PETRONAS Upstream, and Mahmoud Al Hashmi, Acting Chief Executive Officer and Chief Operations Officer of OQEP.
Speaking at the event, Redhani said, 'This collaboration represents a meaningful step forward in our efforts to build a resilient and competitive upstream portfolio. By aligning our strengths with OQEP’s strategic direction, we are well-positioned to pursue impactful ventures in these regions.'
PETRONAS has been active in Oman since 2018 and currently holds participating interests in Block 61. This MoU builds upon the growing relationship between PETRONAS and OQEP, anchored on mutual respect and shared industry goals.
Source: PETRONAS
