MUSCAT: OQ Exploration and Production (OQEP) has signed a strategic cooperation agreement with Kazakhstan’s national oil and gas company, KazMunayGas (KMG), establishing a framework to identify, evaluate and pursue potential investments across the upstream oil and gas sector.
The agreement was signed on behalf of OQEP by Ashraf Hamed Al Mamari, Chairman of the Board of Directors, and on behalf of KazMunayGas by Askhat Khassenov, Chairman of the Management Board and Chief Executive Officer.
The partnership strengthens energy investment ties between the Sultanate of Oman and the Republic of Kazakhstan by bringing together the capabilities and expertise of both companies to pursue projects with strategic and commercial potential.
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OQEP and KazMunayGas will jointly identify and assess opportunities in Kazakhstan, Oman and international markets, focusing on upstream blocks and assets with discovered resources, development projects and producing fields. Areas of cooperation may include acquiring participating interests, equity stakes and other interests in upstream assets, as well as establishing joint ventures and other partnership structures. The companies may also undertake joint technical studies and pursue bids, licences, tenders and strategic partnerships.
The two 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 across subsurface disciplines, operations, health, safety and environment, project execution, digitalisation, governance and capability development.
Commenting on the agreement, Ashraf Hamed Al Mamari, Chairman of OQ Exploration and Production SAOG, said: “This agreement marks an important milestone in OQEP’s growth journey as we continue to expand our portfolio in Oman and internationally. 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. Through this collaboration, we aim to share expertise and assess opportunities for growth, particularly across exploration, field development and producing assets. In doing so, we seek to support the long-term sustainability of the sector while creating enduring value for Oman.”
