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Qatar Petroleum signs deal on three Kenyan offshore blocks

Qatar Petroleum, a State-owned company of the energy-rich Arab nation, has acquired a block of Kenya’s offshore oil and gas exploration fields, adding to a growing list of global corporations seeking to exploit huge fuel deposits believed to be underneath the Indian Ocean seabed.

In a statement Wednesday, the company said it has signed an agreement with French multinational oil and gas company Total and its Italian peer Eni to take over three offshore exploration blocks in the Lamu Basin.

In the deal that is subject to regulatory approvals by Kenyan authorities, Qatar Petroleum said it had acquired a 25 percent stake (13.75 percent from Eni and 11.25 percent from Total) in three blocks located in the offshore Lamu basin.

The three offshore blocks are situated in what is considered to be a frontier and largely unexplored area in the Lamu basin. They have a total area of approximately 15,000 square kilometres, with water depths ranging from about 1,000 metres to 3,000 metres.

“We are pleased to sign this agreement to participate in exploring these frontier offshore areas in Kenya and to further strengthen our presence in Africa,” said Qatar’s Minister of State for Energy Affairs Saad bin Sherida al-Kaabi, who is also the chief executive of Qatar Petroleum in a statement.

Source Business Daily

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