(MENAFN- The Peninsula) The Peninsula
Doha: Qatar Petroleum entered into an agreement with an ExxonMobil affiliate to acquire a 10% stake in three offshore exploration blocks in the Angoche and Zambezi basins in Mozambique.
The consortium will be made up of ExxonMobil (operator) with a 50% participating interest, Empresa Nacional de Hidrocarbonetos (ENH) with a 20% participating interest, Rosneft with a 20% participating interest and Qatar Petroleum with a 10% participating interest.
Commenting on this occasion, H E Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, and President & CEO of Qatar Petroleum, said:
'We are pleased to sign this agreement, with our long-time partner ExxonMobil to participate in exploring these frontier offshore basins in the Republic of Mozambique. This is a milestone for Qatar Petroleum as it marks its first foray into Mozambique's promising offshore basins.
The offshore blocks are A5-B which lies in the Angoche basin, and Z5-C and Z5-D, which lie in the Zambezi basin. Both basins are frontier and underexplored. The two Zambezi blocks have a total area of about 10,200 square km with water depths ranging from about 200 to 2,000 meters, while the Angoche basin block has an area of about 6,450 square km with water depths ranging from about 1,800 to 2,500 meters.
'This signature is very much in line with our growth strategy in Qatar Petroleum with a new country entry to prospective frontier basins with significant hydrocarbon resource potential, Al Kaabi added.
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