QP signs deal to enter new exploration block in Mozambique
March 11 2019 11:10 PM
HE Saad Sherida al-Kaabi
HE Saad Sherida al-Kaabi

Qatar Petroleum has entered into an agreement with Eni to acquire a 25.5% participating interest in block A5A, located in the Angoche basin, offshore Mozambique.

The agreement is subject to customary regulatory approvals by the Mozambique government, QP said on Monday.

Following such approvals, the partners holding participating interest in the block will be affiliates of each of Eni (operator) with a 34% participating interest, Empresa Nacional de Hidrocarbonetos (ENH) with a 15% participating interest, Sasol with a 25.5% participating interest, and Qatar Petroleum with a 25.5% participating interest.

HE the Minister of State for Energy Affairs Saad Sherida al-Kaabi, also President & CEO of Qatar Petroleum said: “We are pleased to sign this agreement, with our valuable partner Eni, to participate in exploring this frontier offshore basin and strengthen our presence in Mozambique. I would like to take this opportunity to thank the Mozambican authorities and our partners in this block for their co-operation and support.”

Al-Kaabi said: “By entering into this new agreement, we aim at expanding our exploration portfolio to ensure diversification of geographies as well as geologies and basins. Having a large and diversified exploration portfolio is a key long-term objective for Qatar Petroleum and essential for success.”

Block A5A lies in the Angoche basin and is located adjacent to block A5B for which an affiliate of Qatar Petroleum entered into an agreement in December 2018 with an ExxonMobil affiliate to acquire a 10% participating interest. Block A5A covers a total area of around 5,133sq km in water depths ranging from about 300 to 1,800m.

In line with Qatar Petroleum’s growth strategy, this opportunity further strengthens QP’s international oil and gas portfolio with the addition of a block in a frontier exploration basin with significant hydrocarbon resource potential.

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