Total, Qatar Petroleum ink asset transfer deals

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French oil major Total said Tuesday Qatar Petroleum is farming into its offshore acreage in Namibia, Kenya and Guyana, further strengthening their international partnership, Kallanish Energy reports.

Following approval of the deals, Qatar Petroleum will gain a 30% stake in Namibia’s Block 2913B, located in the deepwater Orange Basin. Total will retain a 40% interest in the asset, which will be drilled next year. Impact Oil and Gas will retain its 20% stake, and Namcor will retain 10%.

In Kenya, Total and Eni will transfer a combined 25% interest in Blocks L11A, L11B and L12. The French company will see its interest fall from 45% to 33.75%. Eni will control 41.25% and Qatar Petroleum 25%.

In Guyana, Qatar Petroleum will control 40% of the company holding Total’s existing 25% stake in the Orinduik and Kanuku blocks – adjacent to the prolific Stabroek Block. Total will retain the remaining 60% of the company.

Total’s E&P president, Arnaud Breuillac said the agreements are “an important milestone” partnership between Total and Qatar Petroleum, following their joint opening of a new gas province in South Africa.

“As their long-term partner in Qatar, where we have a well-established presence, we are committed to continuing to support Qatar Petroleum’s international development, through partnership and collaboration, as we have successfully done in the past,” he added.

Qatari energy minister and CEO of Qatar Petroleum, Saad Al-Kaabi, said Monday working on prospective frontier blocks with Total “will give another boost to our efforts towards implementing our international growth strategy.”

The companies didn’t disclose financial details of the deals.

Source: Kallanish Energy