Mubasher: Qatar Petroleum (QP) on Monday announced signing an agreement with Italian energy giant Eni to acquire a 25.5% participating interest in block A5A in the Angoche basin, offshore Mozambique, Qatar's state-run giant said in a statement.
After approving the deal by the government of Mozambique, Eni, the operator, will have a 34% participating interest, with Sasol and Qatar Petroleum each holding a 25.5% participating interest, while Empresa Nacional de Hidrocarbonetos (ENH) will have a 15% participating interest.
The agreement aims to expand QP’s exploration portfolio in a bid to diversify geographies, geologies, and basins, Qatar Petroleum’s president and CEO Saad Sherida Al-Kaabi said.
The value of the acquisition deal was not revealed.
“Having a large and diversified exploration portfolio is a key long-term objective for Qatar Petroleum and essential for success,” Al-Kaabi added.
Block A5A is located in the Angoche basin close to block A5B for which an affiliate of QP inked a deal in December 2018 with an ExxonMobil affiliate to purchase a 10% participating interest.
