Qatar Petroleum has signed an agreement to acquire interest in three deepwater offshore leases in Morocco from Chevron Morocco Exploration.
Under the agreement, the company will acquire a 30% participating interest from Chevron’s 75% share in Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep leases, located between 100km-200km west and north-west of the Morocco city of Agadir.
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The leases cover around 29,200km² with average water depths ranging from 100m to 4,500m.
Chevron will retain a 45% interest in the offshore leases and remain the operator.
Morocco’s Office National Des Hydrocarbures Et Des Mines will retain a participating interest of 25%.
Qatar Petroleum president and CEO Saad Sherida Al-Kaabi said: "It is an important step towards building a mutually beneficial relationship with Chevron with particular emphasis on international upstream activities.
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By GlobalData"It is no coincidence that Qatar Petroleum’s international presence is now extended to Morocco, a country which Qatar enjoys special relations with."
Chevron Africa and Latin America Exploration and Production president Ali Moshiri said: "The agreement is a milestone in both companies’ efforts to maximise the value of exploration and production assets through long-term relationships."
In January 2013, Chevron Morocco Exploration signed petroleum agreements with Morocco’s Office National Des Hydrocarbures Et Des Mines for the three offshore areas.
Image: Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep leases are located between 100km-200km west and north-west of the Morocco city of Agadi. Photo: courtesy of Chevron Corporation.
