Concession pact for Block 80 signed for offshore energy development

By the Editorial Team · Wednesday, June 24, 2026

Oman's Ministry of Energy and Minerals signed a concession agreement with OQ Exploration and Production and Turkish Petroleum Overseas Company to jointly operate Block 80 in the Musandam Governorate. This partnership, involving a $90 million phased exploration program over eight years, aims to boost offshore hydrocarbon development and supports Oman’s Vision 2040 economic goals by attracting specialized foreign investment.

Oman's Ministry of Energy and Minerals (MoEM) formalized a concession agreement on Wednesday for Block 80, located in the Musandam Governorate, with OQ Exploration and Production (OQEP) - Musandam Offshore and Turkish Petroleum Overseas Company Limited (TPOC). The agreement aligns with Oman's strategic objective to enhance energy resource development, optimize hydrocarbon utilization, and support the economic goals outlined in Oman Vision 2040.

The contract was signed on behalf of the Omani government by Minister of Energy and Minerals Eng Salim bin Nasser al Aufi. Mahmoud bin Salim al Hashmi, CEO of OQEP - Musandam Offshore, and Cagri Sirin, Head of International Projects at TPOC, signed for their respective companies.

Block 80 encompasses roughly 5,737 square kilometers and includes key producing assets like the Bukha and West Bukha fields, highlighting its significance to the country’s offshore exploration and production landscape. Under the terms of the agreement, OQEP will operate the block and hold a 50 percent equity stake, with Turkish Petroleum owning the remaining half. This partnership reflects growing international confidence in Oman’s oil and gas sector and its ability to attract specialized foreign investments.

The exploration program for Block 80 is structured in two phases over eight years. The initial four-year phase involves conducting 3D seismic surveys across 500 square kilometers, drilling two exploration wells, and one appraisal well, with a mandated minimum investment of $60 million. The subsequent phase, also lasting four years, will focus on drilling an additional exploration or appraisal well, based on the results from the first phase, with a committed expenditure of at least $30 million.

Minister Eng Salim bin Nasser al Aufi described the agreement as a milestone in advancing the development of Oman’s offshore resources. He noted the block’s strategic maritime location and its promising geological prospects, underscoring the advantages provided by accumulated data and expertise from adjacent offshore fields in the Musandam region, particularly the economically viable Bukha and West Bukha fields.

The collaboration between OQEP and TPOC in Block 80 marks a significant step in diversifying Oman’s hydrocarbon portfolio and reflects a broader effort to leverage international partnerships to sustain growth in the country’s energy sector.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.