Qatari oil giant acquires 25-pct stake in S. African oil block

Source: Xinhua| 2018-02-06 16:56:07|Editor: Chengcheng
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DOHA, Feb. 6 (Xinhua) -- State-owned Qatar Petroleum said it signed an agreement with France's Total to acquire a 25-percent participating interest in an oil block off the coast of South Africa.

After the deal, Total will have a 45-percent participating interest in the block, with 20 percent of the rest held by Canadian Natural Resources Ltd. and 10 percent by Main Street 1549 Proprietary Limited, according to a company press release late Monday.

Located in the Outeniqua Basin, the Exploration Block 11B/12B, about 175 km off the southern coast of South Africa, covers an area of roughly 19,000 square km with water depths ranging from 200 to 1,800 meters.

"This agreement is another step by Qatar Petroleum that embodies the vision of expanding and reinforcing Qatar's leading position in the field of energy across the globe," said Saad Sherida Al-Kaabi, the president and chief executive officer of Qatar Petroleum.

Established in 1974, Qatar Petroleum is responsible for dealing with all oil and gas-related affairs in the tiny Gulf nation.