OQ Exploration and Production (OQEP) Company has signed a memorandum of understanding with the Libyan Investment Authority in Tripoli, marking a step toward strengthening energy investment cooperation between Oman and Libya.

The agreement was signed by Ashraf Hamad Al Maamari, Chairman of OQEP, and Dr. Ali Mahmoud Hassan, Chairman and CEO of the Libyan Investment Authority, in the presence of Libya’s Prime Minister Abdul Hamid Dbeibeh.

The memorandum aims to establish a strategic framework for exploring joint investment opportunities in oil and gas exploration and production in both countries, as well as in international markets. It is intended to support long-term economic value creation and deepen cooperation between the two sides.

Officials said the partnership reflects broader efforts to expand investment ties and build high-value collaborations in the energy sector.

The agreement comes as OQEP continues to implement its growth strategy focused on expanding its asset portfolio, increasing production and reserves, and pursuing investment opportunities in emerging energy markets.

 The company is also seeking to strengthen its regional and international presence as part of its long-term expansion plans.

Libya, which holds significant oil and gas resources and a strategic location in global energy markets, is seen as a key area of opportunity amid ongoing shifts in the global energy sector.

The cooperation will allow both parties to assess new exploration and production opportunities, diversify growth sources, and enhance competitiveness.

OQEP said the partnership supports its goals of expanding reserves, boosting production, and increasing investments outside Oman, contributing to sustainable economic value and national economic diversification objectives. -OGN/TradeArabia News Service