OQEP
OQEP is Oman's largest pure-play upstream oil and gas exploration and production company, operating 14 onshore and offshore assets and selling crude, gas, condensate, LPG, and LNG to global markets under sole government ownership.
- Company typePublic
- Founded2009
- HeadquartersMuscat, Oman
- Headcount251–500
- GTM typeB2B
- OfferingServices
What OQEP does
OQEP (OQ Exploration and Production SAOG) is Oman's largest pure-play upstream oil and gas exploration and production company and the only government-owned upstream operator in the Sultanate. Founded in 2009 as OOCEP and rebranded in 2024 ahead of its IPO, OQEP operates a portfolio of 14 onshore and offshore blocks producing crude oil, natural gas, condensate, and LPG, with FY 2025 average production of approximately 249 kboepd (growing ~14x since inception). Operated assets include the flagship Block 60 (which contains the Bisat complex and just added 37,000 bpd of capacity via the Bisat-C expansion in June 2025), Block 48, and the offshore Block 8 / Musandam Gas Plant; non-operated JV interests span Blocks 9, 10, 11, 42, 47, 52, 53, 61, 65, KSF, and RSSF alongside BP, Shell, TotalEnergies, Occidental, Eni, and Petronas.
Technically, OQEP applies deep reservoir development, steam flood enhanced oil recovery (notably on the Mukhaizna/Block 53 extension to 2050), DBOOM (Design Build Own Operate Maintain) modular production facilities, advanced 3D WAZ seismic surveying, and SMART fugitive methane detection systems. The Marsa LNG joint venture with TotalEnergies in Sohar is under construction and targets a sub-3 kg CO2e/boe intensity through a 300MWp solar plant — positioning it as the Middle East's first marine LNG bunkering hub when operations commence in Q1 2028.
The business model is a B2B commodity producer model: revenue is generated from selling crude, gas, condensate, LPG, and LNG to global buyers through long-term offtake agreements and spot sales, with pricing benchmarked to international energy markets. OQEP's distribution leverages its JV partnerships with IOCs, direct offtake contracts, the Muscat Stock Exchange listing (OMR 3+ billion market cap, ~25% public float), and the planned Sohar LNG bunkering hub. Customer segments include IOC partners, the Government of Oman (as owner and participation-rights holder), regional power utilities, marine shipping (LNG bunkering), and global commodity buyers. FY 2025 financials showed OMR 1.2 billion revenue, OMR 941 million EBITDA (81% margin), OMR 278 million net profit, and 51% ROCE — top-quartile industry returns underpinned by sub-$10/boe production costs and 0.24x net debt/EBITDA.
OQEP firmographics
Firmographics- Name
- OQEP
- Legal name
- OQ Exploration and Production SAOG
- Website
- https://oqep.om
- Company type
- Public
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- OQEP is Oman's largest pure-play upstream oil and gas exploration and production company, operating 14 onshore and offshore assets and selling crude, gas, condensate, LPG, and LNG to global markets under sole government ownership.
- Ownership category
- akta.pro rank
OQEP industry classification
Industry- Product category
- Upstream Oil & Gas Exploration and Production
- NAICS
- Oil and Gas Extraction (211), Crude Petroleum Extraction (21112)
- SIC
- Crude Petroleum & Natural Gas (1311), Drilling Oil & Gas Wells (1381), Oil & Gas Field Exploration Services (1382)
- akta.pro primary industry
- Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF)
- akta.pro secondary industries
- Offshore E&P (Shallow/Deepwater, Subsea Production Systems) (EUALAAAI), OFS Engineering, Construction & O&M (Field Development, Brownfield, Maintenance) (EUALABAM)
Keywords
Where OQEP is headquartered
LocationHeadquarters
- HQ city
- Muscat
- HQ country
- Oman
- HQ region
- Middle East
Offices4 records
Markets served
OQEP business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Oil and Gas Production Sales: Revenue from selling crude oil, natural gas, condensate, and LPG produced from OQEP's operated and non-operated assets across 14 blocks in Oman. Production of approximately 228-249 kboepd sold through long-term contracts and spot markets to global buyers.
- LNG Production and Marine Bunkering: Revenue from LNG production and bunkering services through the Marsa LNG project, targeting to be one of the world's lowest carbon intensity LNG plants and first marine LNG bunkering hub in the Middle East
- Gas Sale Contracts: Long-term gas sale agreements with favorable extension options, supporting stable revenue streams
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | One time/ perpetual license | IPO share offering |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels6 records
OQEP product offering
Product offeringCore offering
OQEP operates as Oman's largest pure-play oil and gas exploration and production company, managing 14 upstream assets across both onshore and offshore operations. The company produces and sells crude oil, natural gas, condensate, and LPG from operated assets (Block 60, Block 48, Block 8, Musandam Gas Plant) and non-operated joint venture interests with partners including BP, Shell, TotalEnergies, Occidental, and Eni. OQEP also participates in the Marsa LNG joint venture with TotalEnergies for LNG production and marine bunkering.
Product overview
OQEP is Oman’s largest pure-play oil and gas exploration and production company offering upstream hydrocarbon exploration and production services. The company operates a portfolio of 14 oil and gas assets across Oman, including operated assets (Block 60, Block 48, Block 8) and the Musandam Gas Plant, as well as non-operated joint venture interests in blocks with partners including BP, Shell, TotalEnergies, Occidental, Petronas, and Eni. The company also participates in the Marsa LNG joint venture with TotalEnergies for LNG production and marine bunkering. Supporting infrastructure includes the Tawreed digital procurement platform for supplier engagement and the JSRS supplier registration system.
Differentiator
Problem solved
Functional benefit
Products and services
- Oil & Gas Exploration and Production Services
- Block 60 Operations
- Block 48 Operations
- Block 8 Operations
- Musandam Gas Plant
- Marsa LNG Project
- Non-Operated Joint Venture Assets
Quantifiable outcome
- 228-249 kboepd average daily production (14x growth since 2009)
- +8 more outcomes
Companies that use OQEP
Customer profileNamed customers3 records
Segments5 records
Ideal customer profiles4 records
OQEP technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature8 records
OQEP partnerships and signals
Strategic signalPartnerships
18 partnerships are on record, tiered minor, core and flagship.
- Pertamina Hulu Energi (PHE)minorMoU to explore joint investment opportunities in oil and gas across Oman, Indonesia, and international markets. Supports OQEP's objectives of growing reserves and increasing production while leveraging PHE's position as a leading Southeast Asian upstream energy corporation.
- Abraj Energy ServicesminorAbraj Energy Services received intended award for multi-year cementing contract from OQEP, providing drilling and well services support.
- Petronas CarigalicoreMoU for joint pursuit of oil and gas exploration and production across Middle East and Southeast Asia. Leverages Petronas' international upstream expertise with OQEP's regional knowledge to unlock new growth opportunities. Petronas has been active in Oman since 2018 and holds participating interests in Block 61.
- TotalEnergiesflagshipMarsa LNG project partnership - OQEP holds 20% stake while TotalEnergies holds 80% ownership. Project aims to create one of the world's lowest carbon intensity LNG plants and first marine LNG bunkering hub in the Middle East, located in Sohar. Total investment and operations planned to begin Q1 2028.
- Genel EnergycoreExploration and Production Sharing Agreement for Block 54 (Karawan Concession) - 5,632 sq km in Al Wusta Governorate. OQEP maintains 60% operating interest, Genel Energy 40% non-operating. Initial 3-year phase involves $25 million investment including 3D seismic surveys and exploration well drilling.
- Occidental PetroleumcoreJV partner in multiple blocks: Block 9 (50% operator), Block 53 (47% operator with OQEP 20%), Block 65 (51% operator with OQEP 49%). Long-standing partnership in Oman's upstream sector.
- BPcoreJV partner in Block 61 (40% operator with OQEP 30%, Petronas 10%, PTTEP 20%). Major international energy company collaborating on Oman's upstream development.
- ShellcoreJV partner in multiple blocks: Block 10 (53.45% operator with Marsa LNG 33.19%, OQEP 13.36%), Block 11 (67.5% operator with TotalEnergies 22.5%, OQEP 10%), Block 42 (50% equal partnership), Block 47 (90% operator).
- EnicoreJV partner in Block 47 (90% operator with OQEP 10%) and Block 52 (55% operator with QE 30%, OQEP 15%). Italian major energy company active in Oman's exploration sector.
- MedcoEnergiminorJV partner in KSF (75% operator with OQEP 25%) and Block 48 (20% each with Medco Daya 20%, OQEP 60% operator). Indonesian energy company with established Omani presence.
- Indian Oil CompanyminorPartner in Block 53 consortium (17% participating interest) alongside Occidental (47% operator), OQEP (20%), Liwa (15%), PTTEP (1%). Indian state-owned oil company.
- PTTEPminorPartner in Block 53 (1%) and Block 61 (20% alongside BP 40%, Petronas 10%, OQEP 30%). Thai state-owned upstream petroleum company.
- LiwaminorPartner in Block 53 consortium (15% participating interest) alongside Occidental (47% operator), OQEP (20%), Indian Oil (17%), PTTEP (1%).
- Mubadala PetroleumminorPartner in Block 53 (15% participating interest) alongside Occidental (47% operator), OQEP (20%), Indian Oil (17%), PTTEP (1%). Abu Dhabi sovereign wealth fund's energy vehicle.
- PetrogasminorPartner in RSSF block (75% operator with OQEP holding balance). Omani-owned midstream and downstream company.
- EnerflexminorMain contractor for Bisat-C Expansion project, providing modular production facilities and processing equipment. EPC contractor for the flagship Block 60 expansion.
- Majees Technical ServicesminorOmani subcontractor for Bisat-C Expansion project, providing technical services support.
- Special Technical Services (STS)minorOmani subcontractor for Bisat-C Expansion project, providing specialized technical services.
Scale indicators19 records
Recent moves12 records
Expansion highlights6 records
OQEP competitors and assessment
Company assessmentDirect peers
- Petroleum Development Oman (PDO): PDO is Oman's largest oil and gas producer, operating the majority of Oman's hydrocarbon acreage under a long-standing concession with the Omani government. Like OQEP, PDO operates onshore and offshore fields in Oman, partners with IOCs, and benefits from national champion status — making it the closest direct peer in product, customer base, and business model.
Broad incumbents
- Abu Dhabi National Oil Company (ADNOC): ADNOC is the UAE's state-owned integrated energy company and a national champion analogous to OQEP's role in Oman. It operates upstream production, partners with IOCs on concessions, and pursues low-carbon LNG and gas strategies — comparable in regulatory moat and IOC partnership model, though operating at a substantially larger scale.
- Saudi Aramco: Saudi Aramco is the world's largest national oil company, fully owned by the Saudi government. Like OQEP, it leverages state ownership for access to hydrocarbon resources, partners selectively with IOCs, and pursues upstream production with industry-leading cost position — though vastly larger in scale and more diversified downstream.
- QatarEnergy: QatarEnergy is the Qatari state-owned integrated energy company, with dominant upstream gas and LNG operations. It shares with OQEP the national champion model, IOC partnership structure, and a strategic LNG export focus — directly comparable as a regional state oil company expanding into low-carbon LNG.
- Petronas: Petronas is Malaysia's state-owned national oil company with global upstream operations. OQEP signed a 2025 MoU with Petronas for joint exploration across Middle East and Southeast Asia, and both companies operate under government mandate with IOC partnership models — making them natural strategic allies and broadly comparable as integrated NOCs.
- Pertamina: Pertamina is Indonesia's state-owned energy company with upstream and downstream operations. OQEP signed a 2025 MoU with Pertamina Hulu Energi for joint international investments. Both are NOCs expanding internationally and pursuing IOC-style partnerships.
- Sonatrach: Sonatrach is Algeria's state-owned national oil company, operating across upstream, midstream, and downstream. Comparable to OQEP as a North African/MENA national champion with similar IOC partnership model and gas-weighted reserve base — serving global markets with similar product mix.
Regional players
- Egyptian General Petroleum Corporation (EGPC): EGPC is Egypt's state-owned national oil company operating upstream concessions with IOC partners. Operates in a different geography (Egypt vs Oman) but follows the same national-champion upstream model with comparable asset mix and product offering.
- MedcoEnergi: MedcoEnergi is an Indonesian-listed upstream oil and gas company with operating interests in Block 48 (60% OQEP-operated) and KSF in Oman, plus Southeast Asian assets. Comparable as a regional IOC/NOC-style operator with overlapping acreage in Oman and similar E&P technology requirements.
Emerging players
- Genel Energy: Genel Energy is a London-listed upstream E&P focused on the Kurdistan Region of Iraq and now partnered with OQEP on Block 54 (Karawan Concession, 40% non-operating). Smaller in scale but directly relevant as a peer IOC/independent with shared exposure to Middle Eastern exploration and PSA economics.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat7 records
Key risks6 records
Key highlights6 records
Customer concentration
OQEP social profiles
Digital presenceOQEP compliance and trust
Trust signalCompliance7 records
OQEP financial estimates
Financial estimateRevenue estimate
Valuation estimate
OQEP leadership team
Management profileNumber of profiles
Profiles12 records
OQEP subsidiaries and ownership
Company hierarchySubsidiaries1 record
OQEP funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
OQEP M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about OQEP
What does OQEP do?
OQEP operates as Oman's largest pure-play oil and gas exploration and production company, managing 14 upstream assets across both onshore and offshore operations. The company produces and sells crude oil, natural gas, condensate, and LPG from operated assets (Block 60, Block 48, Block 8, Musandam Gas Plant) and non-operated joint venture interests with partners including BP, Shell, TotalEnergies, Occidental, and Eni. OQEP also participates in the Marsa LNG joint venture with TotalEnergies for LNG production and marine bunkering.
Is OQEP a public or private company?
OQEP is a public company. It is classified as public and is currently operating.
When was OQEP founded?
OQEP was founded in 2009. It employs 251 to 500 people.
Where is OQEP based?
OQEP is headquartered in Muscat, Oman, in the Middle East region.
How does OQEP make money?
Three revenue lines are on record. Oil and Gas Production Sales are the primary driver. The others are LNG Production and Marine Bunkering and gas Sale Contracts.
Who are OQEP's main competitors?
Petroleum Development Oman (PDO) is listed as a direct peer. Broad incumbents are Abu Dhabi National Oil Company (ADNOC), Saudi Aramco, QatarEnergy, Petronas, Pertamina and Sonatrach. Regional players are Egyptian General Petroleum Corporation (EGPC) and MedcoEnergi. Genel Energy is listed as an emerging player.
Does OQEP have an API?
No public API is recorded for OQEP.
What industry is OQEP in?
OQEP's product category is Upstream Oil & Gas Exploration and Production. Its primary akta.pro industry code is EUALAAAF, Production Operations & Well Optimization (Artificial Lift, Flow Assurance), with a secondary code of EUALAAAI, Offshore E&P (Shallow/Deepwater, Subsea Production Systems). Its NAICS code is 211 and its SIC code is 1311.