Firm buys Chevron stake in offshore assets
State-owned energy company Qatar Petroleum has agreed to acquire a 30 per cent stake in three deep-water offshore blocks in Morocco.
It is buying the stake from US oil and gas company Chevron.
Chevron will retain a 45 per cent interest in the blocks and will remain the operator, while the Moroccan government will continue to hold a 25 per cent interest through its Office National Des Hydrocarbures Et Des Mines (Onhym).
The three offshore areas are Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep.
The three offshore blocks are located between 100-200 kilometres west and northwest of the city of Agadir. They encompass about 29,200 square kilometres, with average water depths ranging from 100 metres to 4,500 metres.
Chevron gained a licence to explore in the three blocks after it signed an agreement in January 2013 with Onhym.
Morocco was first explored for hydrocarbons in 1912 and even after more than 100 years of exploration, and more than 300 wells, no commercially viable oil deposits have been found.