Qatar Petroleum Acquires Stake in Angola’s Block 48

Qatar Petroleum has signed a farm-in agreement with state-owned Sonangol and French major Total to acquire a 30% participating interest in offshore Block 48.

Located in ultra deep-water, the Total-operated block is comprised of approximately 3,600 km2 in the Lower Congo Basin, and is planned to be part of a 2020/2021 exploration drilling campaign.

“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,” said H.E. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of Qatar Petroleum.

“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 finalization of the agreement is contingent on approvals by the Angolan government. Following the agreement, Total will hold a 40% stake, while Sonangol and Qatar Petroleum will carry 30%, respectively.