OQEP, TPAO ink exclusive pact to evaluate Oman upstream blocks
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.
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