Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corp., to acquire a 30% participating interest from Chevron’s 75% share in three deepwater leases offshore Morocco.
Under the agreement, which was approved by the Moroccan government, Qatar Petroleum will acquire the 30% interest in the deepwater leases, while Chevron will retain a 45% interest and remain the operator. Morocco's Office National Des Hydrocarbures Et Des Mines will continue to have a 25% interest.
The three offshore areas are Cap Rhir Deep, Cap Cantin Deep, and Cap Walidia Deep. They are located 100–200 kilometers west and northwest of the Moroccan city of Agadir, and encompass approximately 29,200 square kilometers with average water depths ranging from 100 meters to 4,500 meters.