Qatar Petroleum and Chevron announce agreement for exploration of deepwater offshore blocks in Morocco

2/8/2016 7:15:37 AM

(MENAFN- Emirates News Agency (WAM))

DOHA 8th February 2016 (WAM) -- Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd. a subsidiary of Chevron Corporation to acquire a 30 percent participating interest from Chevron's 75 percent share in three deep-water offshore leases in the Kingdom of Morocco.

Under the agreement which was approved by the Moroccan government Qatar Petroleum will acquire the 30% interest in the deep-water leases while Chevron will retain a 45% interest and remains the operator and Morocco's Office National Des Hydrocarbures Et Des Mines will continue to have a 25% interest.

The three offshore areas are Cap Rhir Deep Cap Cantin Deep and Cap Walidia Deep.

Saad Sherida Al-Kaabi President and CEO of Qatar Petroleum expressed pleasure at the finalisation of the agreement which he described as "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" he added.

Ali Moshiri President of Chevron Africa and Latin America Exploration and Production said "The agreement is 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."

The three offshore lease areas are located between 100-200 kilometers west and northwest of the Morocco city of Agadir. They encompass approximately 29200 sq. km with average water depths ranging from 100 meters to 4500 meters.

WAM/AAMIR/Moran

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