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)