PETRONAS signs Oman exploration agreement

PC Oman Ventures Ltd (PCOVL), a subsidiary of PETRONAS, has signed a Concession Agreement with the Government of the Sultanate of Oman and OQ Exploration and Production Batinah Offshore LLC (OQEP) for the exploration of oil and gas in Block 18

Block 18 is a large offshore exploration area located in Northeast Oman, spanning more than 21,000 sq km and offering significant frontier exploration potential across diverse geological settings, from shallow to ultra-deep water. Under the concession agreement, PCOVL will become operator of Block 18 in partnership with OQEP.

PCOVL has been active in the Sultanate of Oman since 2018 and currently holds a participating interest in Block 61.  This collaboration builds on the Memorandum of Understanding (MoU) signed between PETRONAS and OQEP in October 2025, strengthening the strategic partnership between both companies and reinforcing PETRONAS’ long-term presence in the Sultanate of Oman. 

The partnership supports PETRONAS’ aspiration to enhance its competitive upstream portfolio by aligning its offshore exploration capability with OQEP’s regional expertise, laying the foundation for a mutually beneficial venture.

"Building on our technical strengths and successes, PETRONAS continues to expand its exploration activities into new frontiers. Through our innovative exploration approaches and OQEP’s basin expertise, we aim to jointly unlock the potential of Block 18, contributing to Oman’s long-term energy security. The addition of Block 18 aligns with our commitment to disciplined portfolio expansion, providing strategic optionality across our international portfolio," said Mohd Redhani Abdul Rahman, vice president of International Assets, PETRONAS.