As part of deal, which was approved by the Moroccan Government, Qatar Petroleum will acquire the 30% interest in the deep-water leases including Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep.
Terms of the agreement were undisclosed.
Qatar Petroleum president and CEO Saad Sherida Al-Kaabi said that the agreement is "an important step towards building a mutually beneficial relationship with Chevron with particular emphasis on international upstream activities."
Chevron will continue to operate the leases with 45% interest while the remaining 25% interest is owned by Morocco’s Office National Des Hydrocarbures Et Des Mines.
Chevron Africa and Latin America Exploration and Production president Ali Moshiri said: "The agreement is a milestone in both companies’ efforts to maximize the value of exploration and production assets through long-term relationships.
"We are pleased to partner with Qatar Petroleum in offshore Morocco and are looking forward to use our joint capabilities in this exciting sub-salt play for the benefit of Morocco."
Located between 100-200km west and northwest of the Morocco city of Agadir, the three offshore lease areas cover approximately 29,200km2 with average water depths ranging from 100m to 4,500m.
