Qatar Petroleum said Dec. 8 it had agreed to buy a 10% participating interest in three of Exxon Mobil Corp.'s (NYSE: XOM) offshore exploration blocks in Mozambique's Angoche and Zambezi basins.
It will be part of a consortium made up of affiliates of Exxon Mobil with a 50% stake, Empresa Nacional de Hidrocarbonetos with 20%, Rosneft with 20% interest, and Qatar Petroleum with 10%.
Qatar and the United States plan to strengthen "energy partnerships," the emirate's minister of state for energy affairs, Saad Al-Kaabi, said in a statement after a meeting in Doha with his U.S. counterpart Rick Perry.
"This is a milestone for Qatar Petroleum as it marks its first foray into Mozambique's promising offshore basins," Qatar Petroleum said in a statement on its website.
The deal is subject to regulatory approval by Mozambique.
Recommended Reading
Midstream Majors Enjoy a Healthy M&A Market, For Now
2024-09-24 - The latest era of midstream consolidation has shrunk the pool of independents, but the number is still historically high.
Howard: Midstream’s M&A Renaissance
2024-09-26 - The conditions for midstream dealmaking are the most favorable since the late 1990s and early 2000s.
Midstream Players Awaiting the Merge Surge
2024-09-27 - Midstream growth prospects limit funding at the moment, but the coming consolidation should shake things up.
Tallgrass Gets $843MM Investment from Canadian Pension Plan
2024-08-13 - The Canada Pension Plan Investment Board is investing in private midstream company Tallgrass Energy, which has assets in 14 U.S. states.
EIV Capital: Opportunities Abound for Investors in Midstream Sector
2024-11-01 - Here are the metrics that midstream financiers look for in a mature industry.