Qatar Petroleum enters Guyana’s oil market
Minister of State for Energy Affairs and President and Chief Executive Officer (CEO) of Qatar Petroleum, Saad Sherida Al-Kaabi (Offshore Engineer Magazine photo)
Minister of State for Energy Affairs and President and Chief Executive Officer (CEO) of Qatar Petroleum, Saad Sherida Al-Kaabi (Offshore Engineer Magazine photo)

–purchases share in Total

Qatar Petroleum, a state-owned public corporation responsible for the oil and gas industry in Qatar, has entered into an agreement with Total for a share of exploration and production rights in two blocks offshore Guyana.

Under the agreement signed on Monday, Qatar Petroleum will hold 40 per cent of Total’s existing 25 per cent participating interest in the Orinduik block and 40 per cent of Total’s existing 25 per cent participating interest in the neighboring Kanuku block.
Also in the Orinduik block, Tullow Oil [the operator] holds a 60 per cent participating interest and EcoAtlantic holds a 15 per cent interest.

In the Kanuku block Repsol [the operator] holds a 37.5 per cent participating interest and Tullow Oil, a 37.5 per cent interest.
According to reports on Qatar Petroleum’s site, the agreement is subject to customary regulatory approvals by the government of Guyana.

The Kanuku and Orinduik blocks offshore Guyana (Qatar Petroleum depiction)

Speaking at the signing ceremony, Minister of State for Energy Affairs and President and Chief Executive Officer (CEO) of Qatar Petroleum, Saad Sherida Al-Kaabi stated: “We are pleased to expand our global exploration footprint into Guyana together with our valuable, long-term partner, Total, in these offshore blocks in this prospective basin.”

He added: “We hope that the exploration efforts are successful. I would like to take this opportunity to thank our partners and the government of Guyana for their collaboration in this effort, and we look forward to working together in these blocks.”
In January 2018, when President David Granger had welcomed Mohammed Ahmad Al Hayki as Qatar’s non-resident Ambassador to Guyana, he had urged the State to invest in Guyana’s petroleum sector.

“Guyana is also to become, in the near future, a petroleum producing State… Guyana invites Qatar to examine ways of investing in the development of our emerging petroleum sector,” the President Granger told the Ambassador.
The Orinduik block is located 120 km offshore Guyana and has a total area of about 1,800 square kilometers, with water depths ranging from 70 to 1,400 meters.

This year, two wells are to be drilled in the block by the Stena Forth drillship which arrived in Guyana in June.
The drillship is expected to spud the Jethro Lobe prospect and the Joe prospect — located nearby — right after.

Meanwhile, just nearby is the Kanuku block which is located 100 km offshore Guyana and has a total area of about 5,200 square kilometers, with water depths ranging from 70 to 800 meters.

Repsol, a Spanish oil company, is expected to drill in the block this year.
Recently, Qatar Petroleum also signed an agreement to enter three exploration blocks in Kenya.

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