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Oman’s OQ Exploration and Production S.A.O.G. (OQEP) has revealed plans to acquire Mitsui E&P Middle East B.V.’s (MEPME) 35% interest in Block 27, valued at 28.8 million rials ($75 million).
The Asset Sale and Purchase Agreement (ASPA) covers the non-operated participating interests in Block 27, with an economic effective date of 1 January 2025.
Block 27 is a producing oil and gas concession located in the sultanate, operated by Occidental Petroleum, which holds a 65% participating interest in the block as part of an Exploration and Production Sharing Agreement (EPSA), valid until 2035.
The majority Omani state-owned upstream energy company said the latest transaction will strengthen its domestic portfolio and enhance its value through strategic acquisitions.
(Writing by Bindu Rai, editing by Seban Scaria)
