Page 11 - MEOG Week 34

MEOG PROJECTS & COMPANIES MEOG

QP signs deepwater deal in

Angola as it eyes output increase

QATAR STATE-OWNED Qatar Petroleum last week and Norway’s Equinor.
acquired a 30% stake in Angola’s ultra-deepwa- Meanwhile, QP has been steadily expanding
ter Block 48 as the company expands its global its global footprint since the small peninsular
footprint across the upstream and downstream nation was the subject of an embargo by Saudi
sectors. Arabia, the UAE, Bahrain and Egypt in 2017.
Announced on August 18, subject to Luan- The state oil and gas firm has acquired up-
da’s approval the deal is expected to lead to an and downstream assets in Brazil, Cote d’Ivoire,
exploratory drilling programme in 2020/2021 Guyana, Kenya, Mexico, Morocco, Mozambique,
alongside Angolan NOC Sonangol and Total of Oman, South Africa and the US, targeting “fron-
France. tier basins with significant hydrocarbon resource
QP described the 3,600-square km block as potential”, according to Al-Kaabi.
‘drill ready’, with an average water depth of 2,500 In the last year alone, it signed farm-in deals
metres. for three blocks in Mexico’s offshore Campeche
The acreage is located in the ultra-deep waters Basin and two blocks offshore Cote d’Ivoire,
offshore Lower Congo Basin, around 400 km as well as exploration deals in several African
north-west of Luanda and 200 km west of the countries.
onshore facilities at Soyo, where a refinery is also Having absorbed former overseas invest-
being developed. ment arm Qatar Petroleum International (QPI)
Qatari Minister of State for Energy Affairs in 2015, the parent company has confirmed
and president and CEO of QP HE Saad al-Kaabi assertions made at the time of undiminished
said that the deal was part of the company’s enthusiasm for expansion abroad – with a fresh
“journey to build a world-class exploration port- upstream focus, pursued in each case alongside
folio, by securing interests in promising explora- a global major.
tion blocks in diverse geographies.” According to Wood Mackenzie, QP’s expan-
Total is the operator of Block 48 and owns sion is “being driven by corporate strategy”.
40%, with Sonangol holding 30%. Analyst Lynn Morris-Akinyemi was quoted
Luanda has managed to regenerate interest in by Petroleum Economist as saying: “It started
the Angolan upstream by updating its E&P con- this latest internationalisation push in mid-2016.
tracts to provide IOCs with greater returns. This However, the tensions in the Gulf have possibly
has seen deals signed for offshore blocks with served to strengthen the company’s resolve to
super-majors Total and BP, as well as Eni of Italy push ahead.”™

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