OQEP Signs Three Exploration and Production Sharing Agreements with MEM

OQ Exploration and Production SAOG (OQEP), through its wholly owned subsidiaries, has signed three Exploration and Production Sharing Agreements (EPSAs) with Oman’s Ministry of Energy and Minerals (MEM) covering onshore Blocks 36, 66 and 43A.

Under the agreements, OQEP will hold a 100% participating interest in each of the three concession areas, covering a combined area of more than 30,375 sq km across Western and Northwestern Oman.

The EPSAs grant OQEP exclusive rights to undertake oil and gas exploration, appraisal, development and production within the respective contract areas.

The three blocks covered by the agreements are:

§  Block 36: Located in Western Oman and covering more than 18,557 sq km.
§  Block 66: Located in Western Oman and covering approximately 4,898.2 sq km.
§  Block 43A: Located in Northwestern Oman and covering approximately 6,920 sq km.

The agreements provide for an initial three-year exploration period (Phase One), which may subsequently be followed by a second exploration phase, subject to the applicable terms and conditions.

The signing of the three EPSAs expands OQEP’s exploration portfolio and supports its strategy of pursuing long-term oil and gas opportunities in the Sultanate of Oman.

The company said the agreements reinforce its commitment to creating sustainable long-term value for the Sultanate of Oman and OQEP’s shareholders.