Rabat - Qatar Petroleum has inked an agreement with Chevron to acquire 30 percent of its stake in three deep-water offshore exploration leases, offshore Morocco, the Qatari state-owned Oil Company announced on Monday.

Rabat – Qatar Petroleum has inked an agreement with Chevron to acquire 30 percent of its stake in three deep-water offshore exploration leases, offshore Morocco, the Qatari state-owned Oil Company announced on Monday.

The leases are Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep, according to a statement by Qatar Petroleum.

Located between 100-200km west and northwest of Agadir city, the leases cover an area of approximately 29,200 square km.

Under the agreement, approved by the Moroccan government, Chevron will reduce its share in three leases to 45 percent and remain the operator of the deep-water leases, alongside Morocco’s Office National Des Hydrocarbures Et Des Mines, which will retain a 25 percent holding.

“This is an important step towards building a mutually beneficial relationship with Chevron with particular emphasis on international upstream activities,” Saad Sherida Al Kaabi, CEO of QP was quoted in the statement as saying.

“It is no coincidence that Qatar Petroleum’s international presence is now extended to Morocco, a country which Qatar enjoys special relations with,” he added.

Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production, said that the agreement was a milestone in both companies’ efforts to maximize the value of exploration and production assets through long-term relationships.”

“We are pleased to partner with Qatar Petroleum in offshore Morocco and are looking forward to use our joint capabilities in this exciting sub-salt play for the benefit of Morocco,” Ali Moshiri, concluded.

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