Qatar Petroleum and Chevron sign agreement

Qatar Petroleum has recently signed an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation, 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. 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.

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”.

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