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FinancialNews
24-07-19
QP secures participating interest pact with Eni, Total
(MENAFN) Qatar Petroleum is acquiring a participating interest of 25 percent under a deal secured with Italian giant Eni and leading French oil company Total.
Under the agreement, QP is sdnatching 13.75 percent of interest from Eni and 11.25 percent from Total in blocks L11A, L11B and L12 offshore Kenya.
The Kenyan government is required to approve the contract, granting QP 25 percent participating interest leaving Eni with 41.25 percent and Total with 33.75 percent.
"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," stated QP President and CEO H E Saad Sherida Al-Kaabi.
"We hope that the exploration efforts are successful, and we look forward to collaborating with our valuable partners Eni and Total, and the government of Kenya in these blocks. I would like to take this opportunity to thank the Kenyan authorities and our partners for their ongoing and continued support," Al-Kaabi added.
MENAFN2407201900450000ID1098796836
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