Qatar Petroleum, Chevron Announce Agreement for Exploration of Deep-water offshore Blocks in Morocco

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Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation, to acquire a 30 percent participating interest from Chevron’s 75 percent share in three deep-water offshore leases in Morocco, the National Office of Hydrocarbons and Mining (ONHYM) announced on Monday.

The three offshore areas are Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep, ONHYM pointed out.

Under the agreement, Qatar Petroleum will acquire the 30 pc interest in the deep-water leases, while Chevron will retain a 45 pc interest and remains the operator. As for ONHYM, it will continue to have a 25 pc interest, the same source added.

President and CEO of Qatar Petroleum, Saad Sherida Al-Kaabi, deemed this agreement as “an important step towards building a mutually beneficial relationship with Chevron with particular emphasis on international upstream activities.”

“It is no coincidence that Qatar Petroleum’s international presence is now extended to Morocco, a country which Qatar enjoys special relations with,” he added.

For his part, president of Chevron Africa and Latin America Exploration and Production, Ali Moshiri, said, “The agreement is a milestone in both companies’ efforts to maximize the value of exploration and production assets through long-term relationships. 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 kilometers west and northwest of the Morocco city of Agadir. They encompass approximately 29,200 sq. km with average water depths ranging from 100 meters to 4,500 meters.

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