Qatar Petroleum has signed an agreement to acquire a 25.5% participating interest in Block A5-A offshore Mozambique from Eni.
Speaking about the deal, Qatar Petroleum president and CEO Saad Sherida Al-Kaabi said: “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.”
Eni secured Block A5-A in the deep waters of the Northern Zambezi Basin following the fifth competitive Licensing Round launched by the Republic of Mozambique. The oil company operates Block A5-A Consortium with a participating interest of 59.5% through its subsidiary Eni Mozambico.
Once the approvals are in place Eni will own a 34% participating interest in the block, while Sasol and Qatar Petroleum will hold 25.5% each and Empresa Nacional de Hidrocarbonetos will hold 15%.
The agreement is, however, subject to approval by the Mozambican authorities.