OQEP signs amendment to Block 9 agreement to boost oil output, reserves growth

24/06/2026 05:24 AST

OQ Exploration & Production (OQEP) has signed an amendment to the Exploration and Production Sharing Agreement (EPSA) for Block 9, a move aimed at increasing operational activity, supporting production growth and enhancing reserves at one of Oman's key producing oil assets.

In a disclosure filed with the Muscat Stock Exchange on Tuesday, OQEP said the amendment was signed with the Ministry of Energy and Minerals, Occidental Oman and Mitsui E&P Middle East. The revised agreement, which relates to the participating interests of the partners in Block 9 in Al Dhahirah Governorate, will come into effect on July 1, 2026 following approval by the Ministry of Energy and Minerals.

The company described the amendment as an important milestone that is expected to unlock additional value from the asset, strengthen reserves and improve financial performance, while supporting the objectives of Oman Vision 2040.

Block 9, located in north-west Oman, is operated by Occidental Oman, which holds a 50% participating interest in the concession. OQEP owns a 45% stake, while Mitsui E&P Middle East holds the remaining 5%. The current EPSA for Block 9 is valid until 2030.

According to OQEP, the amended agreement is expected to lead to increased operational activity across the concession area, including additional exploration and development drilling programmes. These initiatives are intended to support higher production levels and drive future reserves growth.

The company said the amendment is aligned with its strategy of maximising value from its producing assets, accelerating growth and strengthening its position in Oman's upstream oil and gas sector.

OQEP also expressed its appreciation to the Omani government and its partners for their continued support, noting that their collaboration has been instrumental in advancing investment in Block 9.

Muscat Daily