Asset A&D

Qatar Petroleum Farms in to Deepwater Block 48, Offshore Angola

By Shriya Bhargava
August 18, 2020
a minute read
Offshore Oil Platform and Vessel

Qatar Petroleum has entered into a farm-in agreement with Angolan national oil company, Sonangol EP, and French energy major TOTAL SA to acquire a 30% interest in deepwater exploration Block 48 offshore Angola. The financial details and other terms of the transaction have not been disclosed. Upon completion, TOTAL will retain a 40% operated interest in the block, with Sonangol holding the remaining 30%.

Block 48 covers approximately 3,600 sq. km in ultra deepwaters of the Lower Congo Basin. The block is situated 400 km north-west of Luanda in water depths of approximately 2,500 m. The work commitments on the block include drilling an exploration well during the first two years.

“Continuing on our journey to build a world-class exploration portfolio, by securing interests in promising exploration blocks in diverse geographies, we are pleased to be part of this exciting ultra-deep water opportunity in Angola, a leading oil and gas producing country,” said H.E. Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President & CEO of Qatar Petroleum.

The transaction is subject to customary closing conditions, including government approvals.

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