Qatar Petroleum said Dec. 8 it had agreed to buy a 10% participating interest in three of Exxon Mobil Corp.'s (NYSE: XOM) offshore exploration blocks in Mozambique's Angoche and Zambezi basins.
It will be part of a consortium made up of affiliates of Exxon Mobil with a 50% stake, Empresa Nacional de Hidrocarbonetos with 20%, Rosneft with 20% interest, and Qatar Petroleum with 10%.
Qatar and the United States plan to strengthen "energy partnerships," the emirate's minister of state for energy affairs, Saad Al-Kaabi, said in a statement after a meeting in Doha with his U.S. counterpart Rick Perry.
"This is a milestone for Qatar Petroleum as it marks its first foray into Mozambique's promising offshore basins," Qatar Petroleum said in a statement on its website.
The deal is subject to regulatory approval by Mozambique.
Iranian President Hassan Rouhani formally inaugurated four new phases of South Pars, the world’s largest gas field, on March 17, according to a statement posted by the Iranian oil ministry on Twitter.
In reply to a question about the contracts, known in the oil and gas industry as "farm-outs," President Andres Manuel Lopez Obrador said the country would not offer more for the time being.
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla said during a press conference.