Qatar buys stake in deepwater Chevron leases offshore Morocco
DOHA, Qatar -- Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corp., to acquire a 30% participating interest from Chevron’s 75% share in three deepwater leases offshore Morocco.
Under the agreement, which was approved by the Moroccan government, Qatar Petroleum will acquire the 30% interest in the deepwater leases, while Chevron will retain a 45% interest and remain the operator. Morocco's Office National Des Hydrocarbures Et Des Mines will continue to have a 25% interest.
The three offshore areas are Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep. The leases are located between 100-200 km west and northwest of the city of Agadir, Morocco. They encompass approximately 29,200 km2 with average water depths ranging from 100 m to 4,500 m.
Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum, described the agreement as “an important step towards building a mutually beneficial relationship with Chevron with particular emphasis on international upstream activities.”
“It is no coincidence that Qatar Petroleum’s international presence is now extended to Morocco, a country which Qatar enjoys special relations with,” he added.
“The agreement is a milestone in both companies’ efforts to maximize the value of exploration and production assets through long-term relationships,” Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production, said.
