Qatar acquires stake in Chevron oil project off Morocco

Qatar Petroleum, the Qatari state oil company, said it has reached a deal with Chevron to acquire 30 per cent of its stake in offshore drilling areas in Morocco.

Under the terms of the deal announced today, Chevron will hold onto a 45-per cent interest in the offshore leases, while Morocco will retain a 25 per cent stake. Qatar Petroleum says the Moroccan government has approved the deal.

The drilling areas are known as Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep. They are located 100 to 200 kilometers west and northwest of the city of Agadir. Chevron announced its agreement to explore the offshore areas in 2013.

Financial terms of the deal were not disclosed.