M a r k e t N e w s

Qatar Petroleum acquires interest in three offshore Kenya blocks in deal with Eni and Total

Posted on : Wednesday , 24th July 2019

Qatar Petroleum has acquired three offshore blocks (L11A, L11B and L12) in Kenya after closing a deal with Eni and Total the company has announced. The partners comprising the consortium will consist of affiliates of each of Eni (the operator) with a 41.25% participating interest, Total with a 33.75% participating interest, and Qatar Petroleum with a 25% participating interest. Prior to the agreement Eni and Total held 55% and 45% interest share in the blocks respectively, with Eni acting as the operator. Qatar Petroleum will acquire 25% interest share in each of the blocks, of which 13.75% from Eni and the remaining from Total.

Commenting on this occasion, H.E. Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, and President & CEO of Qatar Petroleum, said the company was pleased to sign this agreement that allows it to participate in exploring these frontier offshore areas in Kenya and to further strengthen our presence in Africa.’

We hope that the exploration efforts are successful, and we look forward to collaborating with our valuable partners Eni and Total, and the government of Kenya in these blocks. I would like to take this opportunity to thank the Kenyan authorities and our partners for their ongoing and continued support,’H.E. Al-Kaabi said.

The three offshore blocks are situated in what is considered to be a frontier and largely unexplored area in the Lamu basin east of Kenya and have a total area of approx. 15,000 sq kms, with water depths ranging from about 1000 meters to 3,000 meters.

In line with its growth strategy, this opportunity strengthens Qatar Petroleum’s position in the exploration of frontier basins with significant hydrocarbon resource potential.

The agreement is subject to customary regulatory approvals by the government of Kenya.

Source : oilnewskenya.com
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