Continental Focus, International Reach

QP Joins ExxonMobil Offshore Mozambique

Tuesday, December 11, 2018

Qatar Petroleum entered into an agreement with ExxonMobil that will have the Qatari state-run firm joining the US supermajor offshore Mozambique. The agreement gives Qatar Petroleum a 10% participating interest in three exploration blocks in the Angoche and Zambezi basins.

The offshore blocks are A5-B which lies in the Angoche Basin, and Z5-C and Z5-D which lie in the Zambezi Basin. Both basins are frontier and underexplored. The two Zambezi blocks have a total area of about 10,200 sq km with water depths ranging from about 200 to 2,000 meters, while the Angoche basin block has an area of about 6,450 sq km with water depths ranging from about 1,800 to 2,500 meters.

The agreement is subject to customary regulatory approvals from the government of Mozambique. Following such approval, the various partners composing the consortium will be made up of affiliates of each of ExxonMobil (operator) with a 50% participating interest, ENH with a 20% participating interest, Rosneft with a 20% participating interest, and Qatar Petroleum with a 10% participating interest.