MUSCAT : Oman’s OQ Exploration and Production is expanding its domestic assets and pursuing overseas partnerships as it targets production of 300,000 barrels of oil equivalent per day by 2030, up from 228,200 boepd in the first half of 2026.

The company, known as OQEP, increased first-half output by 2.7% from the same period in 2025, Oman News Agency reported on Saturday.

Its growth strategy combines acquisitions and development of existing Omani assets with selective international expansion, supported by partnerships with national and international energy companies.

OQEP has signed an agreement to acquire a 35% stake in Oman’s Block 27 from Mitsui E&P Middle East for a disclosed value of 28.8 million Omani rials. The producing block is operated by Occidental, and the stake is expected to contribute about 3,500 boepd to OQEP’s total production in 2026.

The company has also signed a concession agreement with Malaysia’s Petronas for offshore Block 18, which covers more than 21,000 square kilometres. The agreement follows a memorandum of understanding signed in October 2025.

In Musandam governorate, OQEP and Turkish Petroleum signed a concession agreement for offshore Block 80, with each holding a 50% stake. OQEP will operate the block, opening the way for further exploration.

The company also signed an amendment to the exploration and production-sharing agreement for Block 9, in which it holds a 45% interest. Exploration successes in Blocks 60 and 48 are providing additional opportunities for production growth, alongside exploration activity elsewhere in its portfolio.

Internationally, its OQEP New Ventures subsidiary signed a strategic cooperation agreement with Kazakhstan’s national oil and gas company, KazMunayGas, to assess exploration, production and joint investment opportunities in Oman, Kazakhstan and other markets.

OQEP also signed a memorandum of understanding with the Libyan Investment Authority to establish a framework for evaluating upstream opportunities in Oman, Libya and international markets.

The agreements provide a basis for assessing potential investments as the company seeks a more geographically diversified portfolio.

Chief Executive Mahmoud bin Abdullah Al Hashmi said OQEP’s growth strategy remained anchored in Oman, where it was seeking to extract more value from existing assets while developing partnerships to support expansion at home and abroad.

The agreements demonstrated the company’s ability to broaden its investment opportunities while applying criteria intended to deliver sustainable shareholder value, he told Oman News Agency.

OQEP aims to build a more diversified and efficient portfolio, drawing on its operating experience and partnerships to reach its 2030 production target, he added.

The company’s existing partners include BP, Shell, TotalEnergies, Occidental, Petronas and Eni. Block 60 remains a cornerstone of its operating portfolio, with continued development of the Bisat field and its production capacity.

Its international approach includes targeting assets with assessed risks and stakes capable of generating cash flow, while drawing on Oman’s government relationships and the operating expertise developed in its domestic business.

OQEP plans to continue expanding its Omani portfolio through exploration, development, concession extensions and acquisitions, while building partnerships that could provide access to opportunities in the Middle East, North and East Africa, and Southeast Asia.

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