PetroChina obtains 40 per cent interest in Qatar’s Block 4

GDF Suez PetroChina QP signingQatar Petroleum (QP) has signed an agreement authorising PetroChina Investment to acquire 40 per cent of the exploration and production rights to Qatar’s Block 4 Exploration and Production Sharing Agreement (EPSA) from GDF Suez Exploration Qatar

GDF Suez will retain a 60 per cent interest and remain operator of the offshore block, which is located in Qatar’s northern sector, close to the North Field.

The two partners have said that they plan to begin drilling operations in Block 4, which extends for more than 2,500 sq km in area at water depths up to 75 meters, within the coming months.

QP chairman and managing director Dr Mohammed bin Saleh Al-Sada, who oversaw the deal on behalf of the Qatari government, commented, “I am confident that with GDF Suez and PetroChina working together, they would be able to effectively accomplish the exploration programme that is set to be implemented in Block 4.”

PetroChina Investment Qatar Block 4 Limited director, Xiangdong Zhu, remarked, “PetroChina looks forward to working in partnership with GDF Suez in Block 4, and we are privileged to further extend our involvement in Qatar’s oil and gas industry, thus allowing us to contribute our knowledge and expertise in oil exploration and production.”

QP’s Al-Sada, who is also Qatar’s minister of energy and industry, noted that the deal would benefit Qatar’s attempts to strength its bilateral cooperation and friendly relations with China.

GDF Suez executive vice president, Jean-Marie Dauger, said, “GDF Suez is delighted to partner with PetroChina in the exploration of Block 4, and our excellent working relationship and close cooperation with QP would undoubtedly serve us well as we continue to study the area's upstream potential.”

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