Qatar Petroleum (QP) on Tuesday announced that it had struck a deal to enter three exploration projects off the coast of Kenya operated by Italy’s Eni.
Pending approval by the Kenyan government, the national oil company is set to take 25% stake in a consortium with rights to blocks L11A, L11B and L12 in the offshore Lamu basin.
Eni will retain 41.25% interest in the group, while France’s Total will maintain a 33.75% holding.
The blocks span 15,000 km2 of acreage in waters between 1,000 and 3,000 metres deep. In its statement, QP described the area as “a frontier and largely unexplored.”
“In line with its growth strategy, this opportunity strengthens Qatar Petroleum’s position in the exploration of frontier basins with significant hydrocarbon potential,” the company said.
Eni, which is already partnered with QP at projects in Oman, Mexico, Morocco and Mozambique, said the sale “further reinforces the continuously evolving strategic co-operation between the two companies.”
The price QP agreed to pay for the stake has not been disclosed. Under the transaction, the Doha-headquartered producer will take a 13.75% interest from Eni and a 11.25% stake from Total.