Qatar Petroleum has entered into a farm-in agreement with the National Oil Company of Angola, Sonangol, and French Oil and Gas giant, Total, for the acquisition of a 30% participating interest in Block 48 offshore Angola.

The agreement is subject to customary approvals by the Angolan Government. After all the necessary approvals have been granted, the participating interests in the block will be, Total as the operator of the block with a 40% participating interest, the national oil company, Sonangol with a 30% participating interest and Qatar Petroleum (QP) with a 30% participating interest.

Speaking on the agreement, the Minister of State for Energy Affairs, also the President and Chief Executive Officer of Qatar Petroleum, Saad Sherida al-Kaabi said, “Continuing on our journey to build a world-class exploration portfolio, by securing interests in promising exploration blocks in diverse geographies, we are pleased to be part of this exciting ultra-deep water opportunity in Angola, a leading oil and gas producing country.”

“This is our first opportunity in Angola with both Sonangol, and our long-term partner, Total, an experienced operator with significant in-country presence. We would like to thank the Angolan authorities, and our partners in this block for their support. We look forward to a longstanding and fruitful partnership.”

The block covers an area of approximately 3,600 square kilometres. It is located in the ultra-deep waters Offshore Lower Congo basin, approximately 400 kilometres northwest of Luanda and 200 kilometres West of Soyo onshore facilities. The average water depth in the block is said to be around 2,400 meters.

The drilling of the block is scheduled for 2020/2021. Angola’s oil ministry has continued to attract investors to its upstream in a bid to revive the country’s oil sector. It has already awarded offshore blocks to Eni, Total, BP, Equinor, and the latest, QP, in the last 12 months. This is Qatar’s first upstream development investment in Angola.