Oman’s OQ Exploration & Production (OQEP) has signed a memorandum of understanding (MoU) with Libya Investment Authority (LIA) to explore joint investment opportunities in the oil and gas sector.

According to the companies, the MoU establishes a strategic framework for evaluating and pursuing joint investments in upstream oil and gas activities, including exploration and production projects in Oman, Libya and selected international markets.

Libya, which holds significant oil and gas resources and occupies a strategic position in regional and international energy markets, is viewed as a key destination for future upstream investment.

(Writing by Majda Muhsen; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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