QP, Chevron Ink Offshore Moroccan Deal
Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation (CVX), to acquire a 30% participating interest from Chevron’s 75% share in three deep-water offshore leases in the Kingdom of Morocco.
Under the agreement, which was approved by the Moroccan government, Qatar Petroleum will acquire the 30% interest in the deep-water leases, while Chevron will retain a 45% interest and remains the operator and 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.
Saad Sherida Al-Kaabi, President and CEO of Qatar Petroleum, expressed pleasure at the finalization of the agreement, which he described 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.
Ali Moshiri, President of Chevron Africa and Latin America Exploration and Production said “The agreement is a milestone in both companies’ efforts to maximize the value of exploration and production assets through long-term relationships. We are pleased to partner with Qatar Petroleum in offshore Morocco and are looking forward to use our joint capabilities in this exciting sub-salt play for the benefit of Morocco”.
The three offshore lease areas are located between 100-200 kilometers west and northwest of the Morocco city of Agadir. They encompass approximately 29,200 sq. kms with average water depths ranging from 100 meters to 4,500 meters.
