Covering an area of approximately 3,600km2, the block is located in the ultra-deep waters offshore Lower Congo Basin
The average water depth in the block is around 2,500 meters. (Credit: QR9iudjz0/FreeImages)
Qatar Petroleum has entered into a farm-in agreement with Sonangol and Total to acquire a stake in a drill ready block located offshore Angola.
Under the farm-in agreement, Qatar’s state owned petroleum company will purchase a 30% stake in Block 48.
Located in the ultra-deep waters offshore Lower Congo Basin, the block covers an area of approximately 3,600km2.
The average water depth in the block, which is 200km West of Soyo onshore facilities, is around 2,500 metres.
Drilling on Block 48 is expected to commence as part of a 2020/2021 drilling programme.
Qatar Petroleum president and CEO and Qatar’s Minister of State for Energy Affairs Saad Sherida Al-Kaabi said: “Continuing on our journey to build a world-class exploration portfolio, by securing interests in promising exploration blocks in diverse geographies, we are pleased to be part of this exciting ultra-deepwater opportunity in Angola, a leading oil and gas producing country.”
Total is the operator of Block 48
The farm-in agreement signed by Qatar Petroleum is subject to customary approvals by the Angolan Government.
Following the receipt of necessary approvals, the block will be 40% owned by French oil and gas company Total as operator, while Angola’s Sonangol and Qatar Petroleum will hold 30% stake each.
Al-Kaabi said: “This is our first opportunity in Angola with both Sonangol, and our long-term partner, Total, an experienced operator with significant in-country presence.
“We would like to thank the Angolan authorities and our partners in this block for their support. We look forward to a longstanding and fruitful partnership.”
In May, Qatar Petroleum signed a farm-in agreement with Total to acquire 45% interest in blocks CI-705 and CI-706, offshore the Republic of Côte d’Ivoire.
Covering around 3,200km2 of area, the two blocks are located in water depths ranging from 1,000 to 2,000m.