Oman’s integrated energy group OQ, through its upstream arm OQ Exploration & Production (OQEP), has announced a significant partnership with Thailand’s national oil and gas exploration and production company, PTT Exploration and Production Public Company Limited (PTTEP). This alliance is designed to explore opportunities for cooperation within the upstream energy sector, encompassing both domestic operations in Oman and Thailand, as well as international ventures.
The formalization of this collaboration occurred recently in Muscat with the signing of a Memorandum of Understanding (MoU). The agreement was executed by Montri Rawanchaikul, Chief Executive Officer of PTTEP, and Mahmoud al Hashmi, Chief Executive Officer of OQ Exploration and Production New Ventures LLC (OQEP). This pivotal Oman Thailand energy agreement underscores a commitment to shared growth.
“The MoU covers the exchange of technical expertise, experience and best practices, together with initiatives in human capital development, integrated digital solutions and continuous improvement for upstream operations”, PTTEP said in a statement.
“This collaboration reflects the shared commitment between PTTEP and OQEP to strengthening strategic partnerships and enhancing organisational capabilities for long-term growth in the energy sector”, the Thai company added.
This new agreement aligns with a wider strategic objective by both national energy companies to deepen their relationships with international energy firms and to broaden their upstream footprint. OQEP and PTTEP already maintain a strong presence in Oman through various joint ventures.
Notable existing collaborations include the substantial Block 61 gas concession. In this venture, OQEP holds a 30 per cent stake, while PTTEP has a 20 per cent interest, alongside partners BP and PETRONAS. Furthermore, PTTEP possesses a 2 per cent participating interest in Block 6, which is Oman’s largest onshore oil producing asset, operated by Petroleum Development Oman (PDO). PTTEP Group also holds a 1 per cent participating interest in Block 53, located in southern Oman, which is known for the heavy oil-bearing Mukhaizna field operated by Occidental Petroleum. The ongoing Oman Thailand energy cooperation is built on this foundation.
Beyond upstream activities, PTTEP also has interests in Oman’s midstream sector. The company holds a 2 per cent interest in Oman LNG and an indirect 0.7 per cent interest in Qalhat LNG. Collectively, these facilities have a combined production capacity of 11.4 million tonnes per annum.
The latest MoU with PTTEP is an integral part of OQEP’s broader international partnership strategy, which has been actively pursued in recent years. This Oman Thailand energy collaboration is a testament to that strategy.
