Omani state upstream firm OQ Exploration & Production (OQEP) is eying opportunities to acquire stakes in international assets first in Iraq, and later Libya, Algeria, and South East Asia, MEES understands. The focus on Iraq comes after a September state visit by Prime Minister Mohammed al-Sudani during which both countries signed a string of MoUs including on energy sector cooperation (MEES, 5 September).
Rather than tackling complex or costly assets, the company is looking to partner in low capex-intensive assets. MEES understands OQEP is looking to emulate QatarEnergy’s model of partnering with IOCs that have assets in Oman to farm into overseas projects (MEES, 23 May). Of OQEP’s current partners, BP, Eni, and TotalEnergies have assets in Iraq, and BP is considering bringing foreign partners into its Kirkuk project (MEES, 3 October). Currently, OQEP’s only international asset is a 20% stake in the 13,000 b/d Dunga oil field in Kazakhstan. (CONTINUED - 148 WORDS)