In yet another step toward expanding its worldwide portfolio, Qatar Petroleum (QP) has announced the signing of a deal with Total for a share of exploration and production rights in two blocks offshore Guyana in Latin America.

The agreement, which is subject to customary regulatory approvals by the government of Guyana, will let QP have a 40 percent acquisition of Total’s existing 25 percent interest in the Orinduik block.

Qatar Petroleum acquires 40% of the share of Total in two blocks offshore Guyana.#QP #QatarPetroleum #Qatar https://t.co/488qgZQQ4B pic.twitter.com/Pwfr4krqWy

— Qatar Petroleum (@qatarpetroleum) July 29, 2019

The other partners in this block are Tullow Oil (the Operator) with a 60 percent participating interest and EcoAtlantic with a 15 percent interest.

QP will also hold 40 percent of Total's existing 25 percent participating interest in the neighboring Kanuku block, under the contract.

The other partners in this block are Repsol (the Operator) with a 37.5 percent participating interest and Tullow Oil with a 37.5 percent interest.

Qatar Petroleum has entered into an agreement with Total for a share of exploration and production rights in two blocks offshore Guyana in Latin America. #QNA

— Qatar News Agency (@QNAEnglish) July 29, 2019

His Excellency the Minister of State for Energy Affairs and President & CEO of Qatar Petroleum Saad Sherida Al Kaabi said, “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.”

“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,” he added.

Three exploration wells are planned in these blocks this year: two on the Orinduik block, including the Jethro well, which is currently being drilled, and one on the Kanuku block.

The Orinduik block is located 120 km offshore Guyana and expands over a total area of about 1,800 square kilometers, with water depths ranging from 70 to 1,400 meters.

The Kanuku block 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.

Just last week, QP had signed an agreement with Eni and Total to acquire a 25 percent participating interest in exploration blocks in Lamu Basin, east of Kenya.

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Cover Image: for illustrative purposes only