Qatar Petroleum enters an agreement with an ExxonMobil affiliate to gain a 10% participating interest in three offshore exploration blocks in the Angoche and Zambezi basins in Mozambique.
Once the acquisition is approved the partners composing the consortium will be made up of affiliates of each 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.
Speaking about the occasion, H.E. Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, and President & CEO of Qatar Petroleum, Noted: “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”.
H.E. Mr. Al-Kaabi added: “We hope that the exploration efforts, which will commence soon, will be successful, and we look forward to collaborating with ExxonMobil, Rosneft and ENH on this opportunity. I would like to take this opportunity to thank the Mozambican authorities and our partners in these blocks for their support”.
He further said: “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”.
Considering the growth aspects, this opportunity provides Qatar Petroleum with a new country entry to prospective frontier basins with significant hydrocarbon resource potential.