Qatar Petroleum said March 11 it had struck a deal with Italy's Eni SpA (NYSE: E) to acquire a 25.5% participating interest in block A5A in the Angoche Basin, offshore Mozambique.
The agreement between state-owned Qatar Petroleum and Eni, which operates the block, is subject to regulatory approvals by the Mozambique government, Qatar Petroleum said in a statement.
Following the approvals, Eni will hold a 34% participating interest in the block, while Sasol and Qatar Petroleum will hold 25.5% each and Empresa Nacional de Hidrocarbonetos (ENH) will hold 15%.
"Having a large and diversified exploration portfolio is a key long-term objective for Qatar Petroleum and essential for success, Saad Al-Kaabi, Qatar's minister of state for energy affairs and President and CEO of Qatar Petroleum said in the statement.
Qatar, a tiny but wealthy country, is one of the most influential players in the LNG market due to its annual production of 77 million tonnes. It plans to boost capacity 43% by 2023-2024 and will be building four liquefaction trains for this increase.
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