Qatar's state-owned oil and gas company Qatar Petroleum has entered into a farm-in agreement for an acquisition of a stake in an offshore block in Angola.
Qatar has reached the deal with Angola's Sonangol, and France's Total to acquire a 30% participating interest in Block 48, located in the ultra-deep waters offshore Angola.
"The block, with a drill-ready opportunity, covers an area of approximately 3,600 square kilometers, and is expected to be drilled as part of a 2020/2021 drilling program," Qatar Petroleum said.
Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, said:" Continuing on our journey to build a world-class exploration portfolio, by securing interests in promising exploration blocks in diverse geographies, we are pleased to be part of this exciting ultra-deepwater opportunity in Angola, a leading oil and gas producing country.”
Al-Kaabi said: "This is our first opportunity in Angola with both Sonangol, and our long-term partner, Total, an experienced operator with significant in-country presence. We would like to thank the Angolan authorities and our partners in this block for their support. We look forward to a longstanding and fruitful partnership.”
The farm-in agreement is subject to customary approvals by the Angolan Government. Upon receipt of such approvals, the parties respective interests in Block 48 will be as follows: Total (40% - Operator), Sonangol (30%), and Qatar Petroleum (30%).
Block 48 is located in the ultra-deep waters offshore Lower Congo Basin, approximately 400 km northwest of Luanda and 200 km West of Soyo onshore facilities. The average water depth in the block is around 2,500 meters.
Following a recent oil drilling halt offshore Angola caused by the COVID-19 pandemic, Total on Tuesday said it had restarted offshore drilling works in the country, with more drilling rigs expected to resume work soon.