QATAR Petroleum has acquired a 30 per cent interest in three deepwater offshore leases in the Kingdom of Morocco.
Reached in late January, the agreement with Chevron subsidiary Chevron Morocco Exploration – which had held 75% of the block – has been approved by the Moroccan government.
Under the agreement Qatar will acquire the 30% interest in the deepwater leases, while Chevron will retain a 45% interest and remains the operator.
Morocco’s Office National Des Hydrocarbures Et Des Mines will continue to have a 25% interest in the leases, Qatar said.
Three offshore areas are Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep.
Qatar Petroleum chief executive Saad Sherida Al-Kaabi was pleased with the finalisation of the agreement for the Morocco leases.
“[The agreement is] an important step towards building a mutually beneficial relationship with Chevron with particular emphasis on international upstream activities.”
“It is no coincidence that Qatar Petroleum’s international presence is now extended to Morocco, a country which Qatar enjoys special relations with,” he added.
Chevron Africa and Latin America exploration and production president Ali Moshiri said the agreement is a milestone in both companies’ efforts to maximise the value of exploration and production assets through long term relationships.
“We are pleased to partner with Qatar Petroleum in offshore Morocco and are looking forward to use our joint capabilities in this exciting sub-salt play for the benefit of Morocco.”
The three offshore lease areas are located between 100 and 200 kilometres west and northwest of the Morocco city of Agadir, Kingdom of Morocco.
They encompass around 29,200 square kilometres with average water depths ranging from 100 meters to 4,500 meters, Qatar said.