FINANCIAL NEWS

Qatar’s QP and Chevron Morocco to sign agreement

08 Feb 2016

(MENAFN) Qatar Petroleum (QP) signed an agreement with Chevron Morocco Exploration Ltd, to obtain 30 percent participating interest from Chevron’s 75 percent share in three deep-water leases.

Moreover, Qatar Petroleum will acquire the 30 percent interest in the deep-water leases, while Chevron will recall a 45 percent interest and keeps the operator.

“The agreement is a milestone in both companies’ efforts to maximize the value of exploration and production assets through long-term relationships,” said President of Chevron.

In addition, the three offshore lease areas are situated between 100 km and 200 km west and northwest of the Morocco city of Agadir, which cover almost 29,200 Sq kilometers.

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