Mozambique: QP signs pact with Eni to acquire 25.5% stake in exploration block

Qatar Petroleum (QP) has entered into an agreement with Italy’s Eni to acquire a 25.5 percent participating interest in block A5A, located in the Angoche basin, offshore the Republic of Mozambique, the company announced in a statement on Monday.

The agreement is subject to customary regulatory approvals by the government of Mozambique.

Following approvals, the partners holding participating interest in the block will be affiliates of each of Eni (operator) with a 34 percent participating interest, Empresa Nacional de Hidrocarbonetos (ENH) with a 15 percent participating interest, Sasol with a 25.5 percent participating interest, and Qatar Petroleum with a 25.5 percent participating interest, the statement said.

Minister of State for Energy Affairs, and President and CEO of QP HE Saad Sherida al Kaabi, said, “We are pleased to sign this agreement, with our valuable partner Eni, to participate in exploring this frontier offshore basin and strengthen our presence in Mozambique. I would like to take this opportunity to thank the Mozambican authorities and our partners in this block for their cooperation and support.”

Kaabi said, “By entering into this new agreement, we aim at expanding our exploration portfolio to ensure diversification of geographies as well as geologies and basins. Having a large and diversified exploration portfolio is a key long-term objective for Qatar Petroleum and essential for success.”

Block A5A lies in the Angoche basin and is located adjacent to block A5B for which an affiliate of QP entered into an agreement in December 2018 with an ExxonMobil affiliate to acquire a 10 percent participating interest.
Block A5A covers a total area of around 5,133 sq km in water depths ranging from about 300 to 1,800 metres.

In line with QP’s growth strategy, this opportunity further strengthens QP’s international oil and gas portfolio with the addition of a block in a frontier exploration basin with significant hydrocarbon resource potential, the statement said.s

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