Shell sells partial stake in asset off Mauritania
UK-headquartered energy giant Shell has entered into an agreement with Qatar’s state-owned energy giant QatarEnergy to sell a partial interest in a block located off the coast of Mauritania.
Thanks to this deal with Shell, QatarEnergy will acquire a 40 per cent working interest in the C-10 block located offshore Mauritania, pursuant to the terms of the agreement, and subject to customary approvals by the government of Mauritania.
Commenting on the signing of this agreement, Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs, the President and CEO of QatarEnergy, remarked: “We’re excited about the opportunity to participate in Mauritania’s upstream sector which further builds on our exploration footprint in Africa, and we look forward to a successful exploration programme.”
Following the completion, QatarEnergy will hold a 40 per cent working interest in the exploration and production agreement pertaining to the C-10 block while Shell, as the operator, will hold a 50 per cent interest, with Société Mauritanienne des Hydrocarbures, (SMH) holding the remaining 10 per cent interest.
“We are delighted to have the opportunity to work with our strategic partner Shell and with SMH. We also look forward to collaborating with the Mauritanian government and thank them and our partners for their valuable support and cooperation,” added Al-Kaabi.
Located approximately 50 kilometres off the coast of Mauritania in water depths of around 50 to 2,000 metres, the C-10 block covers a total area of about 11,500 square kilometres.
The deal with Shell comes less than a week after QatarEnergy entered into a farm-in agreement for two exploration licenses offshore Newfoundland and Labrador in Canada with ExxonMobil. This deal allows the Qatari player to expand its offshore exploration portfolio in Atlantic Canada.
In addition, Qatar’s oil and gas player wrapped up the acquisition of a partial interest in two offshore blocks located in Lebanese waters in January 2023.