OQEP and KazMunayGas Forge Strategic Partnership to Expand Upstream Energy Investments

OQ Exploration and Production (OQEP) has entered into a strategic cooperation agreement with Kazakhstan’s national oil and gas company, KazMunayGas (KMG), opening new avenues for upstream energy investments across Oman, Kazakhstan and international markets.

Signed during His Majesty Sultan Haitham bin Tarik’s official visit to Kazakhstan, the agreement aims to strengthen bilateral energy cooperation through joint exploration, field development and investment in producing oil and gas assets.

The partnership will see both companies evaluate opportunities involving discovered hydrocarbon resources, mature oilfields and development projects. Potential areas of collaboration include enhanced oil recovery, production optimisation, gas development and associated energy infrastructure.

Beyond investment opportunities, the agreement emphasises technical knowledge exchange, operational efficiency, digitalisation and the adoption of industry best practices. Both organisations will also explore joint ventures, equity participation and strategic partnerships to support their long-term growth objectives.

The collaboration represents another step in OQEP’s international expansion strategy, while reinforcing Oman’s growing role in cross-border energy partnerships. By combining technical expertise and investment capabilities, the two companies aim to unlock new opportunities, improve upstream asset performance and create sustainable long-term value for their respective energy sectors.

OQEP, KazMunayGas target upstream investments