Qatar acquires stake in Chevron oil project off Morocco
Under terms of the deal, Chevron will hold on to 45% interest in offshore leases, while Morocco will retain 25% stake
Doha: The Qatari state oil company, Qatar Petroleum, says it has reached a deal with Chevron to acquire 30 per cent of its stake in offshore drilling areas in Morocco. Under the terms of the deal announced on Monday, Chevron will hold on to a 45-per cent interest in the offshore leases, while Morocco will retain a 25 per cent stake.
Qatar Petroleum says the Moroccan government has approved the deal. The drilling areas are known as Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep. They are located 100 to 200 kilometres west and northwest of the city of Agadir.
Chevron announced its agreement to explore the offshore areas in 2013. Financial terms were not disclosed.
