QatarEnergy has agreed to acquire a 40% stake in the C-10 block located offshore Mauritania from Shell for an undisclosed sum.
Under the terms of the agreement, QatarEnergy will hold a 40% interest in the Exploration and Production Agreement pertaining to the C-10 block.
Shell will operate the C-10 block with a 50% stake while Société Mauritanienne des Hydrocarbures (SMH) will hold the remaining 10% interest.
The transaction is subject to customary approvals by the government of Mauritania.
QatarEnergy president and CEO and Qatar Minister of State for Energy Affairs Saad Sherida Al-Kaabi said: “We’re excited about the opportunity to participate in Mauritania’s upstream sector which further builds on our exploration footprint in Africa, and we look forward to a successful exploration programme.
“We are delighted to have the opportunity to work with our strategic partner Shell and with SMH. We also look forward to collaborating with the Mauritanian government and thank them and our partners for their valuable support and cooperation.”
Covering a total area of approximately 11,500km2, the C-10 block is located about 50km off the coast of Mauritania in water depths of around 50 metres to 2,000m.
Recently, QatarEnergy signed a deal to acquire stakes in two exploration blocks offshore the province of Newfoundland and Labrador in Canada from ExxonMobil Canada, for an undisclosed amount.
Qatar’s state-owned energy company will acquire stakes in licences EL 1167 and EL 1162.