Qatar Petroleum Buys Stake in Three Moroccan Offshore Blocks

Qatar Petroleum on Monday said it will acquire stake in three deep-water offshore leases in Morocco.

The Qatari firm has reached an agreement with Chevron Morocco Exploration, a subsidiary of Chevron Corp, to acquire a 30 percent participating interest from Chevron’s 75 percent share in the three blocks.

Chevron will retain a 45 percent interest and remains the operator and Morocco's Office National Des Hydrocarbures Et Des Mines (ONHYM) will continue to have a 25 percent 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 kms west and northwest of the Morocco city of Agadir. They encompass approx. 29,200 sq kms with average water depths ranging from 100 meters to 4,500 meters.