en.Wedoany.com Reported - OQ Exploration & Production (OQEP) and Pertamina Hulu Energi (PHE), the upstream subsidiary of Indonesia's state energy company Pertamina, have signed a Memorandum of Understanding (MoU) to explore joint investment opportunities in the oil and gas sector in Oman, Indonesia, and international markets.

Hamoud al Hashmi, CEO of OQEP, the upstream arm of Oman's integrated energy group OQ, stated that this collaboration opens new opportunities to explore joint investments in Oman, Indonesia, and other international markets, supporting the company's goals of increasing reserves, boosting production, and creating long-term value for shareholders. PHE manages the exploration, development, and production of oil and gas resources both domestically and internationally. Established to integrate Pertamina's upstream operations, it manages a diversified portfolio of assets covering Indonesia and overseas markets, including producing assets, exploration blocks, and strategic investments.

PHE plays a central role in Indonesia's energy security agenda, contributing the majority of the country's crude oil and natural gas production while advancing enhanced oil recovery, digitalization, emission reduction, and technological innovation initiatives. Its operations span mature fields, frontier exploration areas, and unconventional resources, making it one of Southeast Asia's leading upstream energy companies, committed to sustaining production growth and supporting Indonesia's long-term energy needs.

The agreement builds on OQEP's expanding network of relationships with international energy companies. OQEP participates in joint ventures across 14 concession areas in Oman, with partners including BP, Shell, Eni, Petronas, Occidental, and Medco. Recently, OQEP has also established new partnerships with Genel Energy, Turkish Petroleum Corporation (TPAO), and China National Petroleum Corporation (CNPC), and has converted a memorandum of understanding with Petronas into a concession agreement for Offshore Block 18.

Through these partnerships with international oil companies, OQEP is expanding into strategic markets, seeking low-risk minority stakes that generate stable cash flows and deploying its operational expertise in new regions.

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