Qatar
Petroleum Signs Exploration Deal Marking its First Entry into
Mozambique
December 09, 2018
Qatar Petroleum entered into an
agreement with an ExxonMobil affiliate to acquire a 10% stake in
three offshore exploration blocks in the Angoche and Zambezi
basins in Mozambique.
After obtaining approval of the
relevant Mozambique authorities, the consortium will be made up
of ExxonMobil (operator) with a 50% participating interest,
Empresa Nacional de Hidrocarbonetos (ENH) with a 20%
participating interest, Rosneft with a 20% participating
interest and Qatar Petroleum with a 10% participating interest.
Commenting on this occasion, H.E.
Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs,
President and CEO of Qatar Petroleum expressed his delight to
sign this agreement, with a long-time partner ExxonMobil to
participate in exploring these frontier offshore basins in the
Republic of Mozambique. H.E. stressed that this is a milestone
for Qatar Petroleum as it marks its first foray into
Mozambique’s promising offshore basins.
Eng. Al Kaabi said that exploration
will begin soon, expressing his hope for success and looking
forward to working with ExxonMobil, Mozambique’s Empresa
Nacional de Hidrocarbonetos, and Rosneft. He also thanked the
local authorities in Mozambique and Qatar Petroleum partners in
these areas for their support.
This signature is very much in line
with our growth strategy in Qatar Petroleum with a new country
entry to prospective frontier basins with significant
hydrocarbon resource potential,” Al Kaabi added.
The three offshore blocks are A5-B
which lies in the Angoche basin, and Z5-C and Z5-D, which lie in
the Zambezi basin. Both basins are frontier and underexplored.
The two Zambezi blocks have a total
area of about 10,200 square km with water depths ranging from
about 200 to 2,000 meters, while the Angoche basin block has an
area of about 6,450 square km with water depths ranging from
about 1,800 to 2,500 meters.
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