Qatar Petroleum enters exploration agreement in Angola (updated)

Total Energy Services

18/08/2020 15:14

(Adds details)
    DUBAI, Aug 18 (Reuters) - Qatar Petroleum  QATPE.UL  has
entered into an agreement with Angolan national oil company
Sonangol and Total  TOTF.PA  to acquire a 30% participating
interest in Block 48 offshore Angola, the company said in a
statement on Tuesday.
    The block, located in the ultra-deep waters offshore Lower
Congo Basin, is expected to be drilled as part of a 2020/2021
drilling programme. It covers an area of approximately 3,600
square kilometers.
    The farm-in agreement, whereby one party owns the acreage
and another performs drilling in return for an interest, is
subject to Angolan government approvals. 
    Once obtained, the parties respective shares in Block 48
will be as follows: Total (40% - Operator), Sonangol (30%), and
Qatar Petroleum (30%).

 (Reporting by Dahlia Nehme and Nafisa al Taher; writing by
Dahlia Nehme; Editing by Jan Harvey and Barbara Lewis)
 ((dahlia.nehme@thomsonreuters.com;))