Qatar Petroleum has reached an agreement to acquire a 30 per cent participating interest from Chevron’s 75 per cent share in three deep-water offshore leases in the Kingdom of Morocco.
Under the agreement, which was approved by the Moroccan government, Qatar Petroleum will acquire the 30 per cent interest in the deep-water leases, while Chevron will retain a 45 per cent interest and remains the operator. Morocco's Office National Des Hydrocarbures Et Des Mines will continue to have a 25 per cent interest.
The three offshore areas are Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep.
Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum, 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.
“It is no coincidence that Qatar Petroleum’s international presence is now extended to Morocco, a country which Qatar enjoys special relations with.”
- Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum
Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production said “The agreement is a milestone in both companies’ efforts to maximize 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 100-200 kilometers west and northwest of the Moroccan city of Agadir. They encompass approximately 29,200 sq. kms with average water depths ranging from 100 meters to 4,500 meters.