Qatar Petroleum Expands International Portfolio


Acquires Stake in Offshore Mozambique.

Oil and gas firm Qatar Petroleum aims to increase exploration activities in the Republic of Mozambique, following the acquisition of a stake in an offshore block from Italian group Eni.
 
The deal will see Qatar Petroleum take a 25.5 percent stake in block A5A, located in the Angoche basin. If exploration is successful, the field could provide a major boost for breakbulk demand in the region.

“By entering into this new agreement, we aim at expanding our exploration portfolio to ensure diversification of geographies as well as geologies and basins. Having a large and diversified exploration portfolio is a key long-term objective for Qatar Petroleum and essential for success,” said Saad Sherida Al-Kaabi, CEO of Qatar Petroleum.

 
Tarfaya Shallow Exploration Permit
 
The group’s global ambitions were reinforced by a separate agreement signed this month to enter 12 exploration blocks in Morocco. This contract, also with Eni, includes a 30 percent interest in the Tarfaya Shallow Exploration Permit, a series of 12 neighboring offshore blocks along the Atlantic coast of the Kingdom of Morocco.

“We hope that the exploration efforts are successful, and we look forward to collaborating with our partners Eni and ONHYM. I would like to take this opportunity to thank the Moroccan authorities and our partners for their support,” Al-Kaabi added.
 
The Tarfaya Shallow Exploration Permit covers a total area of about 23,900 square kilometers in water depths of up to 1,000 meters. The first phase of exploration ending in 2020 will include conducting geological and geophysical studies with the objective of further defining potential prospects/leads and assessing the full potential of the blocks.


North Field Expansion

State-owned Qatar Petroleum is the world's third-largest oil company by oil and gas reserves, and its revenues amount to 60 percent of the Qatar’s GDP. The group recently announced a major investment program that will see major expansion of its North Fields offshore resources.

The oil firm has moved ahead with expansion plans, announcing the construction of a fourth LNG train at its North Field Expansion Project as well as increased investment in Pakistan.
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Construction of the new LNG facilities is expected to involve significant breakbulk transport, and once complete will bring output at the field to about 32 million tonnes of LNG per year, 4,000 of ethane per day and roughly 20 tonnes per day of pure helium. 

Photo: Saad Sherida Al-Kaabi. Credit: Qatar Petroleum
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