Qatar Petroleum (QP), a state-owned petroleum company in Qatar, has signed an agreement with French oil and gas company Total for the acquisition of a share of exploration and production (E&P) rights in two blocks offshore Guyana in Latin America.

Qatar Petroleum will hold 40% of Total’s 25% participating interest in the Orinduik block. The company will also hold 40% of Total’s 25% participating interest in the neighbouring Kanuku block. The agreement is subject to approval from the Government of Guyana.

Located 120km offshore Guyana, the Orinduik block has a total area of around 1,800km², with water depths ranging from 70m to 1,400m. The other partners in the block are Tullow Oil and EcoAtlantic. Tullow Oil is the operator and has a 60% participating interest, while EcoAtlantic holds a 15% interest.

The Kanuku block is located 100km offshore Guyana and has a total area of approximately 5,200km², with water depths ranging from 70m to 800m. Other partners in the Kanuku block are Repsol, the operator, which has a 37.5% participating interest, and Tullow Oil, which owns a 37.5% interest.

Qatar Petroleum president and CEO and Minister of State for Energy Affairs Saad Sherida Al-Kaabi said: “We are pleased to expand our global exploration footprint into Guyana together with our valuable, long-term partner, Total, in these offshore blocks in this prospective basin.”

“We hope that the exploration efforts are successful. I would like to take this opportunity to thank our partners and the government of Guyana for their collaboration in this effort, and we look forward to working together in these blocks.”

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By GlobalData

Three exploration wells have been planned to be taken up in these blocks in 2019. While two wells will be taken up on the Orinduik block, including the Jethro well that is currently being drilled, the third well will be drilled on the Kanuku block.