Mubasher: Qatar Petroleum (QP) announced that it has signed an agreement with Exxon Mobil to acquire a stake 30% in two of its units in Argentina.
The deal was inked on Sunday by Saad Sherida Al-Kaabi, President & CEO of QP, and Andrew P. Swiger, Senior Vice President and Principal Financial Officer of Exxon Mobil Corporationm in Doha.
The agreement gives the state-owned petroleum company the right to have an access to oil and gas shale assets in Argentina, according to QP’s recent report.
The 30% acquired stake includes the two affiliated units ExxonMobil Exploration Argentina S.R.L. and Mobil Argentina S.A.
“This agreement is an important milestone on the road to expanding our international footprint, which is an important part of Qatar Petroleum’s growth strategy. It goes hand in hand with the planned expansion of our local production from the North Field,” Al Kaabi commented.
The world’s biggest supplier of liquefied natural gas (LNG) did not give further details concerning the acquisition’s total cost.
Moreover, QP’s new deal will boost Qatar’s leading global position by raising its LNG production from 77 million tonnes to 100 million tonnes per year, according to the statement.
“This agreement builds on our long-standing and successful partnership with Qatar Petroleum, and underscores our commitment to develop Argentina’s resources to further support domestic production of oil and natural gas,” Swiger said.
