SNG: Oman's OQEP plans to boost production to 300,000 barrels per day by 2030

By Zawya06:25 (UTC), 27 October 2026 Updated

By Staff Writer

Muscat – Oman’s OQ Exploration and Production (OQEP) aims to raise its production to 300,000 barrels of oil equivalent per day by 2030 as the company focuses on expanding its domestic asset base, developing existing fields and pursuing selective investments and international partnerships.

The company’s production rose 2.7% year-on-year to 228,200 barrels of oil equivalent per day in the first half of 2026, as it continued to enhance the value of its oil and gas assets in Oman while building opportunities for international expansion.

Mahmoud bin Abdullah Al Hashmi, CEO of OQ Exploration and Production, said the company’s growth strategy was based on strengthening its assets and natural resources in Oman while building strategic partnerships to create new opportunities at home and abroad.

In a statement to the Oman News Agency, he said the recent agreements and partnerships demonstrated the company’s ability to expand its investment portfolio and pursue carefully considered international expansion based on investment standards designed to deliver sustainable value for shareholders.

Al Hashmi said the company aimed to build a more diversified and efficient portfolio by leveraging its operational expertise and partnerships with major energy companies. This would support its ambition to reach 300,000 barrels of oil equivalent per day by 2030 and strengthen its position as an Omani partner in the exploration and production sector.

As part of its domestic expansion, OQEP signed an agreement in April to acquire a 35% stake in Block 27 from Mitsui E&P Middle East for RO28.8mn. The producing block is operated by Occidental, and the acquisition is expected to add around 3,500 barrels of oil equivalent per day to the company’s total production in 2026.

The company also signed a concession agreement with Petronas for offshore Block 18, covering more than 21,000sqkm. The agreement builds on a memorandum of understanding signed by the two companies in October 2025.

In Musandam Governorate, OQEP signed a concession agreement with the Turkish Petroleum Corporation for offshore Block 80, with each party holding a 50% stake. OQEP will operate the block, paving the way for further exploration activities.

The company is also developing its existing assets. It signed an amendment to the Exploration and Production Sharing Agreement for Block 9, in which it holds a 45% stake. Exploration achievements in Blocks 60 and 48 are contributing to additional production opportunities, alongside ongoing exploration in other areas.

Beyond Oman, OQEP is pursuing a selective approach to international expansion, assessing opportunities before committing to investments.

Through its subsidiary OQ Exploration and Production – New Ventures, the company signed a strategic cooperation agreement with KazMunayGas, Kazakhstan’s national oil and gas company. The agreement provides a framework for exploring opportunities in exploration, production and joint investment in Oman, Kazakhstan and international markets.

The company also signed a memorandum of understanding with the Libyan Investment Authority to establish a framework for studying joint opportunities in exploration and production in Oman, Libya and other international markets.

Al Hashmi added that OQEP planned to continue enhancing its domestic portfolio through exploration, development, extensions to concession agreements and acquisitions of additional stakes, while building partnerships to access opportunities in the Middle East, North and East Africa, and Southeast Asia.