Kuala lumpur: Petronas is pleased to announce that its wholly owned subsidiary, PC Oman Ventures Ltd (PCOVL) has signed a Concession Agreement with the Government of the Sultanate of Oman and OQ Exploration and Production Batinah Offshore LLC (OQEP) as its partner 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 km² and offering significant frontier exploration potential across diverse geological settings, from shallow to ultra-deep water.

According to BERNAMA News Agency, this agreement marks a significant step for PETRONAS in expanding its global exploration portfolio. The partnership with OQEP underscores the strategic interest of both parties in harnessing the hydrocarbon potential of the region. The exploration activities in Block 18 are expected to contribute to the long-term energy security for Oman and enhance PETRONAS's position in the global oil and gas industry.

Block 18's location in Northeast Oman presents a wide range of geological settings, offering an opportunity for innovative exploration techniques. The collaboration between PCOVL and OQEP aims to leverage the technological and operational expertise of both entities to maximize the potential of this vast exploration area. The agreement also reflects PETRONAS's commitment to sustainable development and responsible resource management in its international operations.