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03-04-23

QatarEnergy Acquires 40 percent Interest in Mauritania's C-10 Block with Shell

(MENAFN) QatarEnergy has reached an agreement with Shell to acquire a 40 percent working interest in the C-10 block situated offshore Mauritania. The block covers a total area of approximately 11,500 square kilometers and is positioned around 50 kilometers off the coast of Mauritania in water depths ranging between 50 to 2,000 meters. The exploration and production agreement will be split between QatarEnergy, Shell, and Société Mauritanienne des Hydrocarbures, with QatarEnergy holding 40 percent, Shell having 50 percent, and SMH owning the remaining 10 percent. Saad Sherida Al-Kaabi, Qatar's Minister of State for Energy Affairs and President and CEO of QatarEnergy, expressed his enthusiasm for the agreement, highlighting that it will further strengthen their exploration operations in Africa. He also mentioned that they were thrilled to work with Shell, SMH, and the Mauritanian government.

In addition to this deal, QatarEnergy has been busy expanding its global presence. In March, the company acquired stakes from ExxonMobil in two Canadian offshore exploration blocks. Furthermore, in January, they signed an agreement with France's TotalEnergies and Italy's Eni to collaborate on exploring natural gas in Lebanon's Mediterranean waters. These deals signify QatarEnergy's commitment to enhancing its global portfolio.

On the other hand, Iraq's oil industry continues to generate significant revenue. According to the oil ministry, Iraq's oil revenue reached USD7.4 billion in March, with an average price per barrel of USD73.37. The country's oil exports averaged 3.255 million barrels per day in March, with the previous month's exportation figure being 3.295 million bpd. Despite the challenges faced by Iraq's oil sector, their production and exportation continue to show resilience.

Furthermore, the Iraqi Prime Minister, Mohammed Shia Al-Sudani, recently launched the Karbala oil refinery on April 1. The refinery has a production capacity of 140,000 bpd and is expected to boost Iraq's domestic fuel supply. The inauguration of the Karbala oil refinery is a significant milestone for Iraq's oil industry, as it moves towards reducing its reliance on imported fuel.

The oil and gas industry remains a crucial sector for the growth and development of many countries. The recent agreements and developments in Qatar and Iraq signify their commitment to expanding their presence in the global oil and gas market.
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