PETRONAS, through its subsidiary PETRONAS Carigali International Ventures Sdn Bhd (PCIV), has entered into a Memorandum of Understanding (MoU) with OQ Exploration and Production New Ventures LLC (OQEP), a wholly owned subsidiary of OQ Exploration and Production SAOG. The partnership sets the stage for both companies to jointly explore oil and gas opportunities across the Middle East and Southeast Asia, marking a step forward in expanding their upstream portfolios and fostering cross-regional energy cooperation.

Merging Global Expertise with Local Insight

The MoU establishes a framework for collaboration that leverages PETRONAS’ extensive upstream experience and OQEP’s deep regional expertise. Together, the companies aim to identify and develop new exploration and production ventures, driving growth, innovation, and long-term value creation in diverse markets.

Signing Ceremony

The signing ceremony took place at OQEP’s headquarters in Muscat, Oman, attended by senior representatives from both organizations. The agreement was signed by Mohd Redhani Abdul Rahman, Vice President of International Assets at PETRONAS Upstream, and Mahmoud Al Hashmi, Acting Chief Executive Officer and Chief Operations Officer of OQEP.

Shared Vision for Sustainable Growth

Speaking at the event, Redhani highlighted the strategic importance of the partnership, stating: “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.” The MoU reflects both companies’ shared ambition to strengthen energy security and enhance regional cooperation while pursuing sustainable value creation in the evolving global energy landscape.

Deepening PETRONAS’ Presence in Oman

PETRONAS has been active in Oman since 2018 and currently holds participating interests in Block 61, one of the country’s major gas developments. This latest agreement builds upon an already strong relationship between PETRONAS and OQEP, founded on mutual respect, strategic alignment, and a shared commitment to advancing the upstream sector.

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