by Valerie Jones
Monday, March 11, 2019
Eni and Qatar Petroleum have entered into a farmout agreement which will allow Qatar Petroleum a 25.5 percent participating interest in Block A5-A offshore Mozambique.
Italian oil and gas operator Eni S.p.A. and Qatar Petroleum have entered into a farmout agreement which will allow Qatar Petroleum a 25.5 percent participating interest in Block A5-A offshore Mozambique.
The deal, announced Monday, represents a huge step in the strategic path that Eni and Qatar Petroleum undertook to strengthen their partnership worldwide, said Eni CEO Claudio Descalzi.
Eni has been present in Mozambique since 2006 after its acquisition of the Petroleum Contract Area 4, in the offshore Rovuma basin, in the north of the country, where total gas is estimated to be more than 85 trillion cubic feet (Tcf).
Block A5-A, which is located in deep waters of the Northern Zambezi Basin, extends over an area of 5,133 km2 in a water depth of up to 1,800 meters.
Eni operates the Block A5-A Consortium and has a participating share of 59.5 percent, owned through its subsidiary Eni Mozambico. This will reduce to 34 percent after the farmout is approved.
Other partners are Sasol (25.5 percent) and the Mozambican state company Empresa Nacional de Hidrocarbonetos (15 percent).
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