QP to buy 30% stake in Chevron Morocco oil blocks

The sale will reduce Chevron's stake in the offshore leases to 45%

Chevron will continue to remain the operator of the deep-water leases.
Chevron will continue to remain the operator of the deep-water leases.

Qatar Petroleum (QP) on Monday said it has agreed to buy a 30% stake in three deep-water offshore leases in Morocco from Chevron Morocco Exploration, a subsidiary of Chevron Corporation.

The sale will reduce Chevron's stake in the offshore leases to 45%, while Morocco's Office National Des Hydrocarbures Et Des Mines will retain a 25% holding.

Chevron will remain the operator of the deep-water leases.

The three offshore areas are Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep, QP told Reuters in a statement, without elaborating.

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