PetroChina Buys 40 Pct Interest in Block 4, Qatar

PetroChina Buys 40 Pct Interest in Block 4

Qatar Petroleum (QP), representing the Government of the State of Qatar, signed an agreement authorizing PetroChina Investment to acquire from GDF SUEZ Exploration Qatar B.V. 40% of the exploration and production rights under its Qatar’s Block 4 Exploration and Production Sharing Agreement (EPSA). GDF SUEZ, with 60% stake, will remain as the operator of the block.

The agreement was signed by His Excellency Dr. Mohammed bin Saleh Al-Sada, Minister of Energy and Industry and Chairman & Managing Director of Qatar Petroleum; Mr. Jean-Marie Dauger, Executive Vice President of GDF SUEZ; and Mr. Xiangdong Zhu, Director of PetroChina Investment Qatar Block 4 Limited.

“I am confident that with GDF SUEZ and PetroChina working together, they would be able to effectively accomplish the exploration program that is set to be implemented in Block 4. Qatar Petroleum is glad to support PetroChina participation in another exploration activity in Qatar in addition to PertoChina’s interest in the Block-D exploration. Qatar is keen to have a broader bilateral cooperation with China and we see this as another step to further strengthen the friendly relationship between the two countries” said H.E. Dr. Al-Sada in his comments on the occasion.

Block 4 is an offshore block located in the northern sector of Qatar, close to the North Field. It extends for over 2,500 square kilometers in area at water depths up to 75 meters.

With the formal signing of the agreement today, the two partners—GDF SUEZ and PetroChina—will begin drilling in Block 4 by the next few months.

“GDF SUEZ is delighted to partner with PetroChina in the exploration of Block 4, and our excellent working relationship and close cooperation with QP would undoubtedly serve us well as we continue to study the area’s upstream potential,” said Mr. Dauger, Executive Vice President of GDF SUEZ.

Mr. Zhu, Director of PetroChina Investment Qatar Block 4 Limited, added: “PetroChina looks forward to working in partnership with GDF SUEZ in Block 4, and we are privileged to further extend our involvement in Qatar’s oil and gas industry, thus allowing us to contribute our knowledge and expertise in oil exploration and production.”

LNG World News Staff, July 26, 2012

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