Qatar Petroleum signs exploration deal to acquire stake in Angolan block

19 August 2020 (Last Updated August 19th, 2020 11:51)

Qatar’s state-owned petroleum company Qatar Petroleum has signed an agreement with Angolan national oil company Sonangol and French energy firm Total to acquire a 30% participating interest in Block 48 offshore Angola.

Qatar Petroleum signs exploration deal to acquire stake in Angolan block
Block 48 lies in the ultra-deep waters offshore Lower Congo Basin. Credit: gslcoy from Pixabay.

Qatar’s state-owned petroleum company Qatar Petroleum has signed an agreement with Angolan national oil company Sonangol and French energy firm Total to acquire a 30% participating interest in Block 48 offshore Angola.

Block 48 lies in the ultra-deep waters offshore Lower Congo Basin. It is 400km north-west of Luanda and 200km West of Soyo onshore facilities.

The block’s average water depth is approximately 2,500m.

Qatar Petroleum said that the block is expected to be drilled as part of a 2020-2021 drilling campaign. It covers an area of 3,600km².

In May 2018, Total and Sonangol agreed to a 50:50 partnership in Block 48 deepwater exploration licence under a ‘risk-service agreement’.

Qatar Minister of State for Energy Affairs Saad Sherida Al-Kaabi said: “Continuing on our journey to build a world-class exploration portfolio, by securing interests in promising exploration blocks in diverse geographies, we are pleased to be part of this exciting ultra-deepwater opportunity in Angola, a leading oil and gas producing country.”

“This is our first opportunity in Angola with both Sonangol and our long-term partner, Total, an experienced operator with significant in-country presence.

“We would like to thank the Angolan authorities and our partners in this block for their support. We look forward to a longstanding and fruitful partnership.”

The agreement is, however, subject to the approval from the Angolan Government.

Upon receiving all the necessary approvals, Total will operate the Block 48 and own a 40% stake while Sonangol and Total will each own 30% participating interest in the block.

In December 2017, Total signed several agreements with Sonangol for new opportunities covering both upstream and downstream activities in Angola.