3/11/2019, 1:40 PM (Source: TeleTrader)
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Qatar Petroleum acquires stake in new exploration block

Qatar Petroleum signed an agreement with Italian Eni S.p.A. to acquire a 25.5% stake in the A5A block in the Angoche basin, offshore the Republic of Mozambique, the company announced on Monday. The new exploration block lies adjacent to the A5B block where Qatar Petroleum's affiliate bought a 10% participating interest from ExxonMobil, with which it's planning to construct a natural gas liquefaction facility in Texas, earlier in January.

"We are pleased to sign this agreement, with our valuable partner Eni, to participate in exploring this frontier offshore basin and strengthen our presence in Mozambique. I would like to take this opportunity to thank the Mozambican authorities and our partners in this block for their cooperation and support," Saad Al-Kaabi, Qatar's minister of state for energy affairs and the president of the state-owned oil and gas company said in a press statement.

The block will be operated by Eni, while other stakeholders include Mozambique's Empresa Nacional de Hidrocarbonetos EP (ENH) and South African Sasol Ltd.

Breaking the News / MD