Mon | Aug 19, 2019

Qatar Petroleum partners with Total on Guyana oil exploration

Published:Wednesday | July 31, 2019 | 12:09 AM

State-owned oil company Qatar Petroleum has struck an agreement with Total SA to acquire a stake in the French company’s two oil and gas blocks offshore Guyana.

The agreement, which was announced on Monday, is subject to approval by the Guyana government.

Qatar Petroleum will hold 40 per cent of Total’s existing 25 per cent participating interest in the Orinduik block. The other partners in this block are Tullow Oil of the United Kingdom, with 60 per cent participating interest, and EcoAtlantic of Canada, a development-stage company engaged in oil and gas business, with a 15 per cent stake.

Qatar Petroleum will also hold 40 per cent of Total’s 25 per cent participating interest in the neighbouring Kanuku. The other partners in this block are the Madrid-based Repsol, with 37.5 per cent participating interest, and Tullow Oil, with a 37.5 per cent interest.

Three exploration wells are planned in these blocks this year: two on the Orinduik block, including the Jethro well which is currently being drilled, and one on the Kanuku block.

The Orinduik block is located 120 kilometres offshore Guyana and has a total area of about 1,800 square kilometres. The Kanuku block is located 100 kilometres offshore Guyana and has a total area of about 5,200 square kilometres.

Guyana is expecting to begin commercial production of its oil and gas reserves next year.

CMC