Qatar Petroleum, Chevron in offshore Morocco deal

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

Qatar Petroleum has reached an agreement with the U.S. oil juggernaut Chevron to buy a 30% participating interest from Chevron’s 75% share in three deep-water offshore leases in Morocco.

​Under the agreement Qatar Petroleum will acquire an 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.

The deal has already been approved by the Moroccan government.

Saad Sherida Al-Kaabi, President and CEO of Qatar Petroleum, said the agreement was 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 maximize 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 29,200 sq. kms with average water depths ranging from 100 meters to 4,500 meters.

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