Qatar Petroleum (QP) has reached an agreement with Chevron Morocco Exploration, a subsidiary of Chevron Corporation, to acquire a 30% participating interest from Chevron’s 75% share in three deep-water offshore leases in Morocco.
Under the agreement, which was approved by the Moroccan government, Qatar Petroleum will acquire the 30% interest in the deep-water leases, while Chevron will retain a 45% interest and remains the operator and Morocco’s Office National Des Hydrocarbures Et Des Mines will continue to have a 25% interest.
The three offshore areas are Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep.
Qatar Petroleum president and CEO Saad Sherida al-Kaabi “expressed pleasure” at the finalisation of the agreement, which he described as “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.
Ali Moshiri, president, Chevron Africa and Latin America Exploration and Production, 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 100-200km west and northwest of the Moroccan city of Agadir. They encompass approximately 29,200sq km with average water depths ranging from 100m to 4,500m.
Qatar Petroleum is a state-owned public corporation established by Emiri Decree No 10 in 1974. It is responsible for all phases of the oil and gas industry in Qatar.
The principal activities of QP, its subsidiaries and joint ventures are the exploration, production, local and international sale of crude oil, natural gas and gas liquids, refined products, synthetic fuels, petrochemicals, fuel additives, fertilisers, liquefied natural gas (LNG), steel and aluminium.
The operations and activities of Qatar Petroleum and its affiliates are conducted at various onshore locations, including Doha, Dukhan and the Mesaieed and Ras Laffan Industrial Cities, as well as offshore areas, including Halul Island, offshore production stations, drilling platforms and the North Field.