(MENAFN- Qatar News Agency) Qatar Petroleum (QP), representing the Government of the State of Qatar, signed on Wednesday an agreement authorizing PetroChina Investment to acquire from GDF SUEZ Exploration Qatar B.V. 40% of the exploration and production rights under its Qatar's Block 4 Exploration and Production Sharing Agreement (EPSA). GDF SUEZ, with 60% stake, will remain as the operator of the block, according to a press statement released by Qatar Petroleum today.
The agreement was signed by HE Minister of Energy and Industry and Chairman & Managing Director of QP Dr. Mohammed bin Saleh Al-Sada; Executive Vice President of GDF SUEZ Jean-Marie Dauger; and Director of PetroChina Investment Qatar Block 4 Limited Xiangdong Zhu.
"I am confident that with GDF SUEZ and PetroChina working together, they would be able to effectively accomplish the exploration program that is set to be implemented in Block 4. Qatar Petroleum is glad to support PetroChina's participation in another exploration activity in Qatar in addition to its interest in Block-D exploration. Qatar is keen to have a broader bilateral cooperation with China and we see this as another step to further strengthen the friendly relations between the two countries," said HE Dr. Al-Sada in his comments on the occasion.
Block 4 is an offshore block located in the northern sector of Qatar, close to the North Field. It extends for over 2,500 square kilometers in area at water depths up to 75 meters. With the formal signing of the agreement today, the two partners GDF SUEZ and PetroChina will begin drilling in Block 4 by the next few months.
"GDF SUEZ is delighted to partner with PetroChina in the exploration of Block 4, and our excellent working relationship and close cooperation with QP would undoubtedly serve us well as we continue to study the area s upstream potential," said Executive Vice President of GDF SUEZ Dauger.
Director of PetroChina Investment Qatar Block 4 Limited Zhu added: "PetroChina looks forward to working in partnership with GDF SUEZ in Block 4, and we are privileged to further extend our involvement in Qatar s oil and gas industry, thus allowing us to contribute our knowledge and expertise in oil exploration and production."
Qatar Petroleum (QP), formerly Qatar General Petroleum Corporation, is a state-owned public corporation established by Emiri Decree No 10 in 1974. It is responsible for all phases of the oil and gas industry in Qatar.
The principal activities of QP, its subsidiaries and joint ventures are the exploration, production and sale of crude oil, natural gas and gas liquids and refined products, production and sale of petrochemicals, fuel additives, fertilizers, liquefied natural gas (LNG), steel, aluminum, chartering of helicopters, underwriting insurance and other services.
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