QP to buy Chevron’s partial stake offshore Moroccan interests

offshoremorocco hakonthingstad flickrThe areas encompass approximately 29,200 sq km with average water depths ranging between 100-4,500 metres. (Image source: Hakon Thingstad/Flickr)Qatar Petroleum (QP) and Chevron Morocco Exploration Limited, subsidiary of Chevron, have signed a deal to acquire a 30 per cent participating interest from the latter’s 75 per cent share in three deepwater offshore leases in North Africa

Under the agreement, approved by the Moroccan government, Chevron will also retain a 45 per cent interest and remain the operator with Morocco’s Office National Des Hydrocarbures Et Des Mines continuing 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, CEO of QP, said, “This 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.”

Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production, added that the agreement was 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”.

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