RIYADH: Oman’s OQ Exploration and Production and the Libyan Investment Authority have signed a memorandum of understanding to explore joint investment opportunities in the oil and gas sector, deepening energy cooperation between the two countries.
The agreement establishes a framework for collaboration in exploration and production activities in Oman, Libya and international markets, according to the Oman News Agency.
This comes on the back of growing energy activity, with the Middle East and North Africa oilfield services market projected to expand from $34.7 billion in 2026 to $45.7 billion by 2031 at a compound annual growth rate of 5.65 percent, according to Mordor Intelligence.
Global gas production rose 1.2 percent in 2025, led by North America, the Middle East and Africa, according to the Gas Exporting Countries Forum.
The MoU was signed by Ashraf Al-Mamari, chairman of OQEP’s board of directors, and Ali Mahmoud Hassan, chairman and CEO of the Libyan Investment Authority, in the presence of Abdul Hamid Al-Dbeibeh, prime minister of Libya’s Government of National Unity.
