Qatar Petroleum to acquire 25.5% stake in Block A5-A from Eni

12 March 2019 (Last Updated March 12th, 2019 11:50)

Qatar Petroleum has signed an agreement to acquire a 25.5% participating interest in Block A5-A offshore Mozambique from Eni.

Qatar Petroleum to acquire 25.5% stake in Block A5-A from Eni
Eni’s agreement is subject to approval by the Mozambican authorities. Credit: Andrea Wright.

Qatar Petroleum has signed an agreement to acquire a 25.5% participating interest in Block A5-A offshore Mozambique from Eni.

Block A5A  covers a total area of around 5,133km² in water depths ranging between 300m and 1,800m. The block lies in the Angoche basin and is located adjacent to Block A5B.

In December 2018, Qatar Petroleum’s affiliate signed an agreement with an ExxonMobil affiliate to acquire a 10% participating interest in Block A5B.

Eni secured Block A5-A in the deep waters of the Northern Zambezi Basin following the fifth competitive Licensing Round launched by the Republic of Mozambique.

Eni operates Block A5-A Consortium with a participating interest of 59.5% through its subsidiary Eni Mozambico.

Once the approvals are in place Eni will own a 34% participating interest in the block, while Sasol and Qatar Petroleum will hold 25.5% each and Empresa Nacional de Hidrocarbonetos will hold 15%.

“Having a large and diversified exploration portfolio is a key long-term objective for Qatar Petroleum and essential for success.”

Qatar Petroleum president and CEO Saad Sherida Al-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.”

The agreement is subject to approval by the Mozambican authorities.