Latest news with #OQEP
Zawya
6 days ago
- Business
- Zawya
OQEP, TPAO ink exclusive pact to evaluate Oman upstream blocks
MUSCAT - OQ Exploration & Production New Ventures LLC, a subsidiary of OQ Exploration & Production (OQEP), has signed a tripartite Exclusivity Agreement with the Omani Ministry of Energy and Minerals and Türkiye's state-owned energy giant Turkish Petroleum Corporation (TPAO). The agreement grants the parties exclusive rights to evaluate specific oil and gas blocks in the Sultanate of Oman for a three-month period. Publicly traded OQEP disclosed the agreement in a filing to the Muscat Stock Exchange (MSX) on Wednesday, July 16. According to Turkish media, the agreement was signed during the official visit to Muscat by Türkiye's Minister of Energy and Natural Resources, Alparslan Bayraktar, earlier this week. During the visit, Bayraktar held bilateral talks with Eng Salim bin Nasser al Aufi, Oman's Minister of Energy and Minerals. As part of the visit, a Memorandum of Understanding (MoU) was also signed between the two countries. The MoU commits both sides to exchange technical expertise, align regulatory frameworks, explore joint energy projects and examine financing mechanisms aimed at enhancing efficiency and accelerating the transition to cleaner fuels. Potential areas of collaboration include crude oil exploration, LNG trade, renewable energy development, energy storage technologies and alternative fuels. A dedicated workstream will also explore opportunities in green hydrogen production, storage and transport — an emerging focus area under Oman's net-zero 2050 strategy. Separately, OQEP and TPAO signed another agreement to explore broader opportunities for investment and cooperation in other energy-related domains. TPAO, wholly owned by the Turkish government, is Türkiye's national oil company. While originally integrated across exploration, production, refining, marketing and transportation, it has since the 1980s focused primarily on exploration and production. In addition to its significant domestic footprint, TPAO is active internationally in countries such as Azerbaijan, Libya, Pakistan, Hungary, Somalia, Iraq and Russia. From deepwater production in the Black Sea to seismic exploration globally, TPAO plays a key role in Türkiye's push for energy independence and regional leadership in hydrocarbons. OQEP — Oman's largest pure-play upstream operator and the upstream arm of majority state-owned OQ Group — has a portfolio of around 15 onshore and offshore assets. With a daily output averaging around 230,000 barrels of oil equivalent, OQEP accounts for roughly 14% of Oman's total hydrocarbon production. In addition to its core operations, OQEP also holds a 20 per cent stake in Marsa LNG, a low-carbon marine LNG bunkering project under construction at SOHAR Port and Freezone, led by TotalEnergies. Earlier this year, OQEP was designated by the Ministry of Energy and Minerals to support the joint marketing of up to 11 new concession blocks to be launched as part of multiple bid rounds in 2025. The effort is being undertaken in partnership with the Ministry and Toronto-based Scotiabank, a global leader in oil and gas M&A advisory, with deep finance and technical expertise in the energy sector. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
7 days ago
- Business
- Observer
OQEP, TPAO ink exclusive pact to evaluate Oman upstream blocks
MUSCAT, JULY 16 OQ Exploration & Production New Ventures LLC, a subsidiary of OQ Exploration & Production (OQEP), has signed a tripartite Exclusivity Agreement with the Omani Ministry of Energy and Minerals and Türkiye's state-owned energy giant Turkish Petroleum Corporation (TPAO). The agreement grants the parties exclusive rights to evaluate specific oil and gas blocks in the Sultanate of Oman for a three-month period. Publicly traded OQEP disclosed the agreement in a filing to the Muscat Stock Exchange (MSX) on Wednesday, July 16. According to Turkish media, the agreement was signed during the official visit to Muscat by Türkiye's Minister of Energy and Natural Resources, Alparslan Bayraktar, earlier this week. During the visit, Bayraktar held bilateral talks with Eng Salim bin Nasser al Aufi, Oman's Minister of Energy and Minerals. As part of the visit, a Memorandum of Understanding (MoU) was also signed between the two countries. The MoU commits both sides to exchange technical expertise, align regulatory frameworks, explore joint energy projects and examine financing mechanisms aimed at enhancing efficiency and accelerating the transition to cleaner fuels. Potential areas of collaboration include crude oil exploration, LNG trade, renewable energy development, energy storage technologies and alternative fuels. A dedicated workstream will also explore opportunities in green hydrogen production, storage and transport — an emerging focus area under Oman's net-zero 2050 strategy. Separately, OQEP and TPAO signed another agreement to explore broader opportunities for investment and cooperation in other energy-related domains. TPAO, wholly owned by the Turkish government, is Türkiye's national oil company. While originally integrated across exploration, production, refining, marketing and transportation, it has since the 1980s focused primarily on exploration and production. In addition to its significant domestic footprint, TPAO is active internationally in countries such as Azerbaijan, Libya, Pakistan, Hungary, Somalia, Iraq and Russia. From deepwater production in the Black Sea to seismic exploration globally, TPAO plays a key role in Türkiye's push for energy independence and regional leadership in hydrocarbons. OQEP — Oman's largest pure-play upstream operator and the upstream arm of majority state-owned OQ Group — has a portfolio of around 15 onshore and offshore assets. With a daily output averaging around 230,000 barrels of oil equivalent, OQEP accounts for roughly 14% of Oman's total hydrocarbon production. In addition to its core operations, OQEP also holds a 20 per cent stake in Marsa LNG, a low-carbon marine LNG bunkering project under construction at SOHAR Port and Freezone, led by TotalEnergies. Earlier this year, OQEP was designated by the Ministry of Energy and Minerals to support the joint marketing of up to 11 new concession blocks to be launched as part of multiple bid rounds in 2025. The effort is being undertaken in partnership with the Ministry and Toronto-based Scotiabank, a global leader in oil and gas M&A advisory, with deep finance and technical expertise in the energy sector.
Times of Oman
28-05-2025
- Business
- Times of Oman
OHI Leo Burnett clinches big wins at 2025 Transform Awards MEA, marking 12 years of branding excellence
Oman's leading communications agency, OHI Leo Burnett, once again raised the bar in brand excellence across the region, winning three major accolades at the Transform Awards MEA 2025 in Dubai. This year's edition, held at the Mandarin Oriental Jumeirah, recognised outstanding work in brand development and strategic design. OHI Leo Burnett proudly represented the Sultanate as the only shortlisted agency from Oman—continuing an unmatched record of 12 consecutive years of recognition at the Middle East and Africa's most prestigious brand transformation awards. The agency secured: • Gold for its bold rebranding of OQ Exploration & Production (OQEP) • Silver for the branding of the Oman Institute for Energy (OIE) • Bronze for a dynamic rebrand of Douglas OHI 100% Omani-owned entity, OHI Leo Burnett is led by a homegrown team of professionals across client servicing, creative, and digital communications. Their work is supported by a multicultural team that blends regional and international experience - positioning the agency to serve both legacy clients and future-focused brands across Oman. 'We are proud of the recognition OHI Leo Burnett has received at the Transform MEA 2025 Brand Awards. This reinforces our competitive standing in Oman and the region and further strengthens our belief in the power of partnerships with our clients,' said Ammar Al Saleh, Chairman of the OHI Group. 'OHI Leo Burnett's track record is more than just a streak of awards - it's a sign of strategic consistency and creative depth,' said Aaron Hennessey, Group Chief Operating Officer at OHI. As we expand our footprint across the region, this agency plays a vital role in how we tell our story and support our clients in building brands that last.'
Zawya
13-05-2025
- Business
- Zawya
Oman's OQEP signs $54mln contracts with local firms
Muscat – OQ Exploration & Production (OQEP), the leading exploration and production company listed on the Muscat Stock Exchange, announced on Monday the signing of four major contracts exceeding RO21mn during its participation in the Oman Petroleum & Energy Show 2025. These agreements with local companies and small and medium enterprises (SMEs) operating in Oman's concession areas reflect OQEP's commitment to enhancing In-Country Value (ICV). OQEP signed a contract with Technical Services Company to develop a fully integrated residential camp within the Bisat Project at Block 60. The contract includes engineering, manufacturing, procurement, installation and operational services, with completion scheduled for June 2026. The facility, designed to accommodate between 360 and 460 individuals, will directly support Bisat field operations while contributing to Omanisation objectives. In addition, OQEP concluded a two-year agreement with Shalim Oil Company, with an option to extend for a further two years. This strategic decision will ensure the continued employment of over 80 former Shalim staff, reinforcing OQEP's commitment to workforce stability and long-term local engagement in its oil fields. Shalim, a recognised local service provider, specialises in light land drilling rigs for Block 60, OQEP's principal hydrocarbon concession. A third contract was signed with Rimal Al Sahra Oil & Gas to supply casing materials for Blocks 60 and 48 under a four-year agreement, with an optional two-year extension. This collaboration reflects OQEP's growing capability in providing essential well construction components, while supporting local procurement and reducing reliance on imports. The fourth contract was awarded to Shuram LLC, an Omani SME holding a Riyada card, for essential analytical services across Blocks 60, 48 and 8. As the only specialised laboratory service provider for the oil sector in Oman, Shuram's partnership with OQEP underscores the company's focus on supporting high-performing SMEs and strengthening in-country expertise. Jaber al-Namani, Chief Financial Officer at OQEP, said, 'These contracts reaffirm OQEP's steadfast commitment to ICV by forging strategic partnerships with local businesses and enabling Omani talent at all levels of operation. We believe that investing in human capital and local infrastructure is key to achieving sustainable economic growth and boosting the competitiveness of Oman's energy sector in the long term.' 'By signing these agreements with SMEs in concession areas, we are reinforcing their role in driving national economic contribution while supporting private sector development and workforce empowerment,' he added. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Zawya
13-05-2025
- Business
- Zawya
Oman: OQEP accelerates upstream investments and LNG growth in Q1
MUSCAT: OQ Exploration and Production (OQEP), one of Oman's leading oil and gas operators, has made strategic headway in expanding its upstream portfolio and diversifying energy assets during the first quarter of 2025, setting the stage for long-term production growth and low-carbon energy initiatives. With a robust portfolio of 14 upstream assets across the Sultanate of Oman — nine of which are producing — OQEP operates or partners in a range of concessions at various stages of development. The company's recent activities underscore its dual strategy of optimising oil and gas production while opening new frontiers for exploration and sustainable energy. UNLOCKING NEW INVESTMENT OPPORTUNITIESA key development in Q1 2025 was OQEP's collaboration with the Ministry of Energy and Minerals; and global investment bank Scotiabank to market Blocks 36, 43A and 66. These are part of a broader set of 11 blocks the Ministry plans to offer to investors through 2025–2026. OQEP's central role in this effort reinforces its position as a gateway for upstream investment into Oman's petroleum sector. In March, OQEP signed an Exploration and Production Sharing Agreement (EPSA) for Block 54 with the Ministry and London-listed Genel Energy. Under a joint operating agreement, OQEP will lead operations with a 60% stake, while Genel holds the remaining 40% as a non-operator. This marks Genel's first venture into Oman, lured by the country's stable regulatory environment. The Karawan Concession, spanning 5,632 km² in the South Oman Salt Basin, is underexplored but adjacent to productive fields. Both parties plan to invest up to $25 million in early-phase activities including seismic surveys and well testing over the next three years. ADVANCING EXPLORATION IN BLOCK 47Another significant milestone was the extension of Phase 1 exploration at Block 47, jointly operated with ENI Oman BV. The Najid-1 exploration well, spudded in February 2025, is expected to determine the commerciality of promising gas prospects. The six-month extension, agreed with the Ministry in April, will allow for deeper evaluation and, if successful, may lead to a second development phase. BOOSTING OIL OUTPUT FROM BLOCK 60OQEP also reported 86% progress in the Bisat C Expansion at Block 60 — its flagship oil asset, contributing 17% of the company's Q1 production. Once completed, the expansion will add 37,000 barrels per day (bpd) in oil processing capacity and 400,000 bpd in water treatment. Commissioning is targeted for Q3 2025, solidifying Block 60's role as a core revenue generator. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
