Muscat: OQ Exploration and Production Company has signed a Memorandum of Understanding (MoU) with the Libyan Investment Authority (LIA) in Tripoli, the Libyan capital. This step reflects the deepening cooperation between the Sultanate of Oman and the State of Libya, opening new horizons for investment partnerships in oil and gas exploration and production. The agreement was signed by Ashraf bin Hamad Al Maamari, Chairman of the Board of Directors of OQ Exploration and Production, and Dr. Ali Mahmoud Hassan, Chairman and CEO of the LIA, in the presence of Abdul Hamid Dbeibah, Prime Minister of the Government of National Unity in Libya.
The MoU establishes a strategic framework for exploring joint investment opportunities in oil and gas exploration and production activities both within both nations and internationally. This collaboration allows both parties to explore high-quality opportunities in the exploration and production sector, supporting diversification of growth sources and enhancing competitiveness.
This partnership is expected to contribute to the company’s objectives of increasing reserves and production, expanding its investment base outside the Sultanate of Oman, and thereby strengthening its contribution to achieving sustainable economic value, supporting national economic diversification goals, and maximizing returns on investments.
