Qatar Petroleum agrees to buy 30% stake in Moroccan offshore blocks from Chevron

Dubai: Qatar Petroleum (QP) on Monday said it has agreed to buy a 30 per cent stake in three deep-water offshore leases in Morocco from Chevron Morocco Exploration, a subsidiary of Chevron Corporation.

The sale will reduce Chevron’s stake in the off-shore leases to 45 per cent, while Morocco’s Office National Des Hydrocarbures Et Des Mines will retain a 25 per cent holding. Chevron will remain the operator of the deep-water leases.

The three offshore areas are Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep, the QP statement said.