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December 10, 2018

Qatar Petroleum to buy 10% stake in ExxonMobil blocks in Mozambique

Qatar Petroleum has reached an agreement with an ExxonMobil affiliate to purchase a 10% participating interest in three offshore exploration blocks located in Mozambique’s Angoche and Zambezi basins.

Qatar Petroleum has reached an agreement with an ExxonMobil affiliate to purchase a 10% participating interest in three offshore exploration blocks in Mozambique’s Angoche and Zambezi basins.

The ExxonMobil affiliate currently owns a 60% interest in the blocks. Once the transaction is closed, the company’s interest will be 50%. Other stakeholders in the blocks include affiliates of Empresa Nacional de Hidrocarbonetos (ENH) with a 20% interest and Rosneft with a 20% interest.

Two of the blocks, Z5-C and Z5-D, are in the Zambezi basin, while the A5-B block lies in the Angoche basin.

The transaction represents Qatar Petroleum’s first foray into Mozambique’s offshore basins.

“We hope that the exploration efforts, which will commence soon, will be successful and we look forward to collaborating with ExxonMobil, Rosneft and ENH on this opportunity.”

Qatar Petroleum president and CEO Saad Sherida Al-Kaabi said: “We are pleased to sign this agreement with our long-time partner ExxonMobil to participate in exploring these frontier offshore basins in the Republic of Mozambique.

“We hope that the exploration efforts, which will commence soon, will be successful and we look forward to collaborating with ExxonMobil, Rosneft and ENH on this opportunity.

“This signature is very much in line with our growth strategy in Qatar Petroleum with a new country entry to prospective frontier basins with significant hydrocarbon resource potential.”

The completion of the transaction is subject to the receipt of regulatory approvals from the government of Mozambique.

Z5-C and Z5-D are spread over a total area of around 10,200km² with depths from 200m to 2,000m, while A5-B has an area of about 6,450km² at depths from 1,800m to 2,500m.

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