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FINANCIAL NEWS
PetroChina acquires 40% in Qatar’s Block 4
26 Jul 2012
(MENAFN) State-owned PetroChina agreed to buy a 40 percent of exploration and production rights for Qatar’s Block 4 from GDF Suez Qatar, Reuters reported.
Qatar Petroleum (QP) said in a statement it gave the green light to Asia’s largest producer of oil and gas to acquire the rights under Qatar’s exploration and production sharing agreement (Epsa) for Block 4, an offshore block located north of the country.
GDF Suez Qatar will continue to be the operator of the block with its 60 percent stake, and the two partners will start exploration activities in Block 4 in the next few months, QP added.
The block extends for more than 2,500 square kilometers in area at water depths up to 75 meters.
In May, PetroChina inked another Epsa with QP and Royal Dutch Shell for the exploration of natural gas reserves in Block D.
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