Petroleum Africa
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Wednesday, February 10, 2016
A unit of Chevron Corp. in Morocco, Chevron Morocco Exploration, entered into an agreement with Qatar Petroleum (QP) that has QP acquiring a 30% participating interest from Chevron’s 75% stake in three deepwater licenses offshore Morocco.
Under the agreement, which was approved by the Moroccan government, QP will acquire the 30% interest in the deepwater leases, while Chevron will retain a 45% interest and remains the operator. Morocco’s ONHYM will continue to hold a 25% interest. The three offshore areas are Cap Rhir Deep, Cap Cantin Deep, and Cap Walidia Deep.
Saad Sherida Al-Kaabi, President and CEO of QP, described the agreement as “an important step towards building a mutually beneficial relationship with Chevron with particular emphasis on international upstream activities.”
Ali Moshiri, President of Chevron Africa and Latin America Exploration and Production said dubbed the agreement as “a milestone in both companies’ efforts to maximize the value of exploration and production assets through long-term relationships.” Moshiri went on to say “We are pleased to partner with Qatar Petroleum in offshore Morocco and are looking forward to use our joint capabilities in this exciting sub-salt play for the benefit of Morocco.”
The three offshore lease areas are located between 100-200 km west and northwest of the Morocco city of Agadir. They encompass approx. 29,200 sq km with average water depths ranging from 100 meters to 4,500 meters.
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