Dentons advised OQ Exploration & Production on Disinvestment In Oil And Gas Blocks

Dentons advised OQ Exploration & Production on Disinvestment In Oil And Gas Blocks

The transaction stemmed from a sale and purchase agreement signed in August 2023

Dentons has advised OQ Exploration & Production LLC (OQEP) on its sale of a 40 percent interest in two oil and gas blocks in Oman.

OQEP a wholly owned subsidiary of OQ, a global, integrated, energy company with roots in Oman, currently operates three blocks in Oman (8, 48, and 60).

It has divested a 20 percent interest in each Exploration & Production Sharing Agreement (EPSA) of Block 60 and Block 48 to Medco Energi Internasional Tbk and a 20 percent interest to PT Medco Daya Abadi Lestari.

While both blocks are located onshore in West Central Oman, before the sale, OQEP held 100 percent interest in both.

Block 60 is the flagship upstream asset of OQEP and holds two producing fields - the Bisat oil field and the Abu Butabul gas field. Block 48 is a 3,000 sq. km exploration license straddling the boundary between Al Dakhiliyah and Al Wusta governorates. OQEP will remain the operator of both blocks.

Yasser Taqi, the partner, and head of energy, transport, and infrastructure at Dentons, Muscat, stated, "We're delighted to advise our long-standing client OQEP on the sale of part of their stake in block 48 and 60, welcoming high profile foreign investment into Oman's oil sector."

Humphrey Douglas, who led the Dentons team in London, remarked, "It was great to work again with OQEP's international M&A and operational teams, and in conjunction with our colleagues in Dentons' Muscat and London offices, to further diversify OQ's international investor base."

The cross-disciplinary Dentons team advising OQEP included Humphrey Douglas, Yasser Taqi, Torquil Law, Michael Kneebone, Budoor Moossa, Bethan McGarva, Alex Tostevin, Alexander Hewitt, Catherine Gilfedder, Tom Collier, Ivan Jelocnik, Aarom Rafi, Jeehyun Kwak, and Nisha Gupta.