Omani state firm OQ Exploration & Production (OQEP) has assembled a portfolio of stakes in some of the sultanate’s most important upstream assets. Alongside its partnerships with IOCs in Oman’s largest producing oil and gas fields, OQEP has sought to expand its presence in new developments through bid rounds and M&A activity.
It is targeting 300,000 boe/d working interest production by 2030, although growth has stalled since 2022. OQEP hopes to achieve this through organic growth at existing assets and by farm-ins to projects overseas and in Oman (see chart 1 & MEES, 20 March). A major advantage is its right to acquire a 30% stake on behalf of the government in any commercial discovery in the Sultanate, offering substantial growth potential if IOC exploration programs prove successful. (CONTINUED - 1264 WORDS)
