DOHA: Qatar Petroleum (QP) has entered into a farm-in agreement with Sonangol, the national oil company of Angola, and Total to acquire a 30 per cent participating interest in Block 48, located in the ultra-deep waters offshore Angola.
The block, with a drill-ready opportunity, covers an area of approximately 3,600 sq. km and is expected to be drilled as part of a 2020-2021 drilling programme.
It is approximately 400 km northwest of Luanda and 200 km west of Soyo onshore facilities. The average water depth in the block is around 2,500 metres.
Minister of State for Energy Affairs and QP President and CEO H E 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-deep water opportunity in Angola, a leading oil and gas producing country. This is our first opportunity in Angola with both Sonangol, and our long-term partner, Total, an experienced operator with significant in-country presence.”
The farm-in agreement is subject to customary approvals by the Angolan government. Upon receipt of such approvals, the parties’ respective interests in Block 48 would be as follows: Total (40 per cent – Operator), Sonangol (30 per cent) and QP (30 per cent).