The acquisition is speculated to strengthen Qatar Petroleum’s international oil & gas portfolio.

Qatar’s state owned petroleum company Qatar Petroleum has reportedly inked an agreement deal with Eni. The deal entails the petroleum firm to buy a participating interest of 25.5% in block A5A, situated in the Angoche, offshore the Mozambique Republic.

As per sources familiar with the matter, Mr. Saad Sherida Al-Kaabi, President & CEO, Qatar Petroleum, stated that the company is mighty pleased to have signed this agreement with Eni, in an effort to take part in exploring the frontier offshore basin and strengthen the firm’s position in Mozambique. Expressing his delight, the Minister of State for Energy Affairs claimed that he was grateful to the Mozambican authorities and the company’s partners in this block for their support and cooperation.

Further commenting on the acquisition, H.E. Al-Kaabi has been claimed to state that with this agreement, Qatar Petroleum intends to expand its exploration portfolio in a bid to ensure regional diversification as well as a meticulous variegation of geologies and basins. One of the company’s long-term objectives hovers around having a large, diversified exploration portfolio that is crucial to success, H.E. Al-Kaabi added further.

As per an official press release by Qatar Petroleum, the agreement will be subject to the customary regulatory approvals by the Mozambique government, post which the partners that hold an interest in the block will be liable to become affiliates of each of the following:

• ENH (Empresa Nacional de Hidrocarbonetos) – with a 15% participating interest
• Qatar Petroleum – with a 25.5% participating interest
• Sasol – with a 25.5% participating interest
• Eni (Operator) – with a 34% participating interest

The acquisition is speculated to strengthen Qatar Petroleum’s international oil & gas portfolio, given the prominent addition of a block in a frontier exploration basin that is equipped with significant hydrocarbon resource potential.

For the record, Block A5A is situated in the Angoche basin, adjacent to block A5B. It has been reported that block A5A spans around 5133 square kilometers altogether in water depths ranging from 300 m to 1800 m.