Oman And Libya Sign Agreement On Cooperation In Oil And Gas Sectors

OQ Exploration and Production signed a Memorandum of Understanding (MoU) with the Libyan Investment Authority in Tripoli, marking a significant step that reflects the depth of cooperation between the Sultanate of Oman and the State of Libya.

The agreement opens new opportunities for investment partnership in exploration and production activities across the oil and gas sectors.

The MoU was signed on behalf of OQ Exploration and Production by its Chairman Ashraf bin Hamad Al Maamari, and on behalf of Libya by Dr Ali Mahmoud Hassan, Chairman and Chief Executive Officer of the Libyan Investment Authority, in the presence of Abdul Hamid Dbeibeh, Prime Minister of the Government of National Unity of Libya.

The MoU establishes a strategic framework for investigating joint investment opportunities in oil and gas exploration and production activities in both brotherly countries and at the international level. It aims to support the growth ambitions of both parties and advance the development of high value partnerships capable of delivering long term economic benefits.

The agreement comes at an important stage in OQ Exploration and Production’s growth journey as the company continues to implement its ambitious strategy for international expansion. This includes developing its asset portfolio, increasing production and reserves, and pursuing attractive investment opportunities in promising markets. The initiative also aligns with the company’s vision of strengthening its position as an Omani energy company with an expanding regional and international presence.

The MoU carries particular significance amid ongoing changes in the global energy sector and renewed interest in investment opportunities across major producing regions, notably Libya, which possesses substantial oil and gas resources and occupies a strategic position within regional and international energy markets.

The partnership is expected to contribute to the company’s objectives of increasing reserves and production, expanding its investment base beyond Oman and enhancing its contribution to sustainable economic value, economic diversification and returns on investment.