OQ Exploration and Production targets 300,000 boepd by 2030

Oman’s OQ Exploration and Production (OQEP) has announced a strategic growth plan to reach a production target of 300,000 barrels of oil equivalent per day (boepd) by 2030. This follows a 2.7% increase in first-half output for 2026, reaching 228,200 boepd.

The company is pursuing a combination of domestic asset development and international expansion. Key recent activities include acquiring a 35% stake in Oman’s Block 27 from Mitsui E&P Middle East for 28.8 million Omani rials. Additionally, OQEP has signed a concession agreement with Malaysia’s Petronas for offshore Block 18 and entered a 50/50 partnership with Turkish Petroleum for offshore Block 80 in the Musandam governorate.

These energy sector advancements are intended to support Oman’s broader economic diversification efforts, providing the fiscal stability necessary to fund national infrastructure, tourism development, and maritime connectivity projects.