The deal involved two blocks, Orinduik and Kanuku. Under the agreement subject to customary regulatory approvals by the government of Guyana, the Qatari state-run giant will control 40 per cent of Total’s existing 25% participating interest in the Orinduik block while it will also manage 40% of Total’s existing 25% participating interest in the neighboring Kanuku block.
The operation comes as part of the Qatar Petroleum’s ambition to expand its global exploration portfolio. Last week, in separate deals, the state-run company, which left the OPEC last year, inked two agreements with Total and Eni for oil exploration and production operation in Kenya’ Lamu Basin.
In a statement, company said it acquired 13.75 per cent from Eni and 11.25 per cent from the French multinational both of whom will collaborate with Qatari company on the three blocks which occupy a total area of approximately 15,000 sq km.
The implementation of the agreement is subject to customary regulatory approvals by the government of Kenya, Qatar Petroleum said in the statement.