QP Expands Eni Partnership With Morocco, Mozambique Deals

15 Mar 2019 Issue: 62 / 11 By: Jamie Ingram

Qatar Petroleum’s transformative international expansion gathered further momentum this week with two Eni deals. This follows recent exploration successes in Cyprus and South Africa. The next big question is when will these efforts generate output?

Qatar Petroleum’s international expansion continued apace this week with two big agreements with Eni for assets offshore Mozambique and Morocco. QP CEO Saad al-Kaabi pledged in December 2017 to transform the firm beyond recognition through a major international expansion (MEES, 8 December 2017) and the firm has since snapped up a series of assets across the globe.

First up this week was an 11 March move to take 25.5% of Mozambique’s A-5A offshore block with operator Eni reducing its stake from 59.5% to 34% as a result. The other partners are South African and Mozambique state firms Sasol and ENH with 25.5% and 15% respectively. Next was a 13 March agreement to take 30% from Eni in Morocco’s Tarfaya Shallow exploration permit which the Italian firm initially entered in late 2017 (MEES, 22 December 2017). Stakes will be Eni 45%op, QP 30%, and Moroccan state firm ONHYM 25%. (CONTINUED - 871 WORDS)