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.
Recommended Reading
Tachyus Names Fernando Gutierrez as New CEO
Tachyus, a provider of data-driven production optimization software to the oil and gas industry, has appointed former vice president of customer success Fernando Gutierrez to CEO on Oct. 15.
Permian Basin Operator Primexx Names Chris Doyle as CEO
M. Chris Doyle joins Primexx Energy Partners, a privately held, independent oil and gas company operating in the Southern Delaware Basin, within the Permian from Olympus Energy.
Forty Under 40: Hunter Wallace, Atlas Sand
Today’s featured Forty Under 40 honoree is Hunter Wallace, Atlas Sand’s COO who has led in the design, construction and capitalization of two frack sand plants in the Permian Basin.