Major deal signed to achieve synergy in Oman's oil and gas upstream sector

Muscat: Oman Oil Company Exploration and Production (OOCEP), a subsidiary of Oman Oil Company (OOC), and PTT Exploration and Production Public Company (PTTEP), signed a memorandum of understanding (MoU) on July 10, 2016.
Under the terms of the Memorandum of Understanding, both parties will share information and experience in the relevant areas and also exchange technical information and data to identify and progress areas of mutual interests.
The agreement was signed by Eng. Isam Bin Saud Al Zadjali, Chief Executive Officer of Oman Oil Company and Somporn Vongvuthipornchai , chief executive officer of PTTEP
Commenting on this agreement Eng. Isam Al Zadjali said, “By way of this MoU, OOCEP and PTTEP will explore potential cooperation opportunities between the two parties to achieve synergy in oil and gas upstream sector. Both parties will discuss areas of mutual interest to identify business initiatives and investment areas.”
Somporn said: “We are delighted that OOCEP and PTTEP, the two national oil companies, have come up to this MOU. PTTEP has been operating in Oman for over 10 years. And it is PTTEP’s intention to explore for more business cooperation and opportunities for mutual benefit of the two parties, both in Oman and Thailand.”
OOCEP is one of the core verticals of OOC driving investments in exploration and production in operated and non-operated assets both inside and outside Oman.