Middle East company acquires stake in Moz oil exploration
14 Mar 2019 - by
Qatar Petroleum has entered into an agreement with global energy group, Eni, to acquire a 25.5% participating interest in the Block A5A oil exploration in Mozambique’s Angoche basin. This is subject to customary regulatory approvals by the government of Mozambique.
Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum, said that by entering into this new agreement, the company would expand its exploration portfolio to ensure diversification of geographies as well as geologies and basins.
Block A5A is located adjacent to block A5B for which an affiliate of Qatar Petroleum recently entered into an agreement with an ExxonMobil affiliate to acquire a 10% stake.