Oman’s state energy company OQ Exploration and Production has signed a Memorandum of Understanding with the Libyan Investment Authority in Tripoli, marking a step toward broader cooperation in the oil and gas sector.
The agreement outlines a framework for joint investment opportunities in exploration and production activities, both within Oman and internationally, including potential projects in third markets.
Officials say the deal reflects growing energy and investment cooperation between Oman and Libya, aimed at strengthening partnerships in a sector that remains central to both countries’ economic strategies.
The signing took place in the Libyan capital, Tripoli, in the presence of senior officials, including Libya’s Prime Minister Abdul Hamid Dbeibah. It was signed by representatives from OQ Exploration and Production and the Libyan Investment Authority.
The agreement is expected to support OQ’s plans to expand its international footprint, increase reserves and production capacity, and diversify investment opportunities beyond Oman’s borders.
It also aligns with broader efforts by Oman to strengthen economic diversification and enhance long-term returns from its energy sector through strategic international partnerships.
