BP and TPAO seal oil & gas cooperation pact
1 hour ago
PC Oman Ventures Ltd (PCOVL), a wholly-owned subsidiary of Malaysia’s state-owned oil and gas heavyweight Petronas, has signed up for oil and gas exploration in a block off the coast of the Sultanate of Oman through a deal with the country’s government and OQ Exploration and Production Batinah Offshore (OQEP), which will be the firm’s partner.
Under the concession agreement, Petronas’ PCOVL assumes operatorship of Block 18 in partnership with OQEP, which builds on the duo’s memorandum of understanding (MoU) from October 2025, strengthening the strategic partnership between the two companies and reinforcing the Malaysian giant’s long‑term presence in Oman.
Located in Northeast Oman, Block 18 is a large offshore exploration area, spanning more than 21,000 square kilometers. Petronas claims that this block offers significant frontier exploration potential across diverse geological settings, from shallow to ultra-deep water. PCOVL also holds a participating interest in Block 61.
Mohd Redhani Abdul Rahman, Vice President of International Assets at Petronas, commented: “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.”
Petronas made a series of discoveries last year across its key basins, unlocking new hydrocarbon potential in Malaysia’s Lebah Emas producing well and delivering high-impact discoveries in Suriname’s Block 52, as part of its clustered exploration strategy.
The company explains that it remains committed to pursuing global opportunities while deepening collaboration with strategic partners, as illustrated by a 20-year deal with QatarEnergy for 2 million tons per annum (mtpa) of LNG from Qatar to Malaysia.
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