OQEP Signs MoU with Libyan Investment Authority to Expand Oil and Gas Investment Cooperation
Tripoli, The Gulf Observer: OQ Exploration and Production (OQEP) Company has signed a Memorandum of Understanding (MoU) in the Libyan capital, Tripoli, with the Libyan Investment Authority, marking a significant step that underscores the depth of cooperation between the Sultanate of Oman and the State of Libya.
The agreement aims to broaden the scope of investment partnership in exploration and production activities within the oil and gas sector, both in the two countries and in international markets.
The MoU was signed on behalf of OQEP by Chairman of the Board of Directors Ashraf Hamad Al Maamari, while the Libyan side was represented by Dr. Ali Mahmoud Hassan, Chairman of the Board and CEO of the Libyan Investment Authority. The signing ceremony was attended by Abdul Hamid Dbeibeh, Prime Minister of the Government of National Unity of Libya.
The memorandum establishes a strategic framework for exploring joint investment opportunities in oil and gas exploration and production, with the objective of supporting long-term economic value creation and strengthening sustainable partnerships between the two sides.
Officials noted that the agreement aligns with OQEP’s broader strategy for growth and international expansion through the development of its asset portfolio, increased production capacity, and pursuit of investment opportunities in promising global markets. It also reflects the company’s efforts to strengthen its position as an Omani energy player with an expanding regional and international footprint.
The initiative comes amid ongoing global shifts in the energy sector and renewed focus on investment in resource-rich regions, particularly Libya, which possesses significant oil and gas potential along with a strategically important location in global energy markets.
The partnership is expected to enable both sides to identify and assess high-value opportunities in exploration and production, while enhancing competitiveness and diversifying sources of growth.
It is further anticipated to contribute to OQEP’s objectives of increasing reserves and production, expanding its investment base beyond Oman, and supporting broader goals of economic diversification and improved investment returns.
