Qatar Petroleum to acquire 40% of Total’s existing 25% in two exploration blocks offshore Guyana
Image: Qatar Petroleum president and CEO Saad Sherida Al-Kaabi. Photo: courtesy of Qatar Petroleum.
Qatar Petroleum has signed an agreement with France’s Total to acquire exploration and production rights in two offshore blocks in Guyana.
The transaction is subject to customary regulatory approvals by the government of Guyana.
Qatar Petroleum to acquire stake in Orinduik and Kanuku blocks
Under the terms of the agreement, Qatar Petroleum will acquire 40% of Total’s existing 25% participating interest in the Orinduik block, which is operated by Tullow Oil with a 60% stake. The remaining 15% stake is held by EcoAtlantic
Additionally, Qatar Petroleum will acquire 40% of Total’s existing 25% interest in the neighboring Kanuku block, which is operated by Repsol with a 37.5% stake. Tullow Oil owns the remaining 37.5% interest stake.
Located 120km offshore Guyana, the Orinduik Block has a total area of about 1,800km², with water depths ranging from 70m to 1,400m.
The Kanuku block is located 100km offshore Guyana and in water depths ranging from 70m to 800m. It has a total area of about 5,200km².
A total of three exploration wells are planned to be drilled in the two blocks this year including two on the Orinduik block and one on the Kanuku block. On the Orinduik block, the partners are currently drilling the Jethro well.
Qatar Petroleum president and CEO Saad Sherida Al-Kaabi said: “We are pleased to expand our global exploration footprint into Guyana together with our valuable, long-term partner, Total, in these offshore blocks in this prospective basin.”
“We hope that the exploration efforts are successful. I would like to take this opportunity to thank our partners and the government of Guyana for their collaboration in this effort, and we look forward to working together in these blocks.”
Recently, Qatar Petroleum entered into an agreement to buy a stake of 25% each in three exploration blocks in the Lamu basin, offshore Kenya from Eni and Total for an undisclosed price.
Located in the eastern part of Kenya, the blocks are in water depths ranging from about 1,000-3,000m.