Qatar Petroleum to acquire 30% stake in Angolan Block 48
Qatar Petroleum has signed a farm-in deal with Angolan national oil company Sonangol and Total to acquire a 30% stake in Block 48 contained in the ultra-deep waters of Angola.
According to Qatar Petroleum, Block 48 offers a drill-ready opportunity, which spans an area of nearly 3,600 square kilometers. Drilling in the offshore Angolan block will be carried out as part of a 2020/2021 drilling campaign.
Block 48 is located in the Lower Congo Basin, about 400km northwest of Luanda and 200km west of Soyo onshore facilities. The offshore block is contained in an average water depth of nearly 2,500 meters.
Qatar Petroleum to acquire 30% stake in Angolan Block 48. Image courtesy of Qatar Petroleum.
Saad Sherida Al-Kaabi – Qatar Minister of State for Energy Affairs, and also the President and CEO of Qatar Petroleum, 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. We would like to thank the Angolan authorities, and our partners in this block for their support.”
The farm-in deal is subject to receipt of customary approvals from the Angolan government, following which Total will have an operating stake of 40%, Sonangol will have 30%, while Qatar Petroleum will have a 30% stake.