Qatar Petroleum (QP) has signed an agreement with Eni to acquire a 13.75percent share in three exploration blocks offshore Kenya.
The agreement is subject to customary regulatory approvals by the government of Kenya.
Blocks L11A, L11B, and L12 are in the Lamu basin in water depths ranging between 1,000 and 2,700 m (3,280 and 8,858 ft), cover about 15,000 sq km (5,792 sq mi), and are said to hold high exploration potential.
Eni and Total currently hold 55percent and 45percent interest share in the blocks respectively, with Eni as the operator.
QP would acquire 25percent interest share in each of the blocks, of which 13.75percent from Eni and the remaining from Total.
Accordingly, the composition of the joint venture is expected to become Eni (operator, 41.25%), Total (33.75%), and QP (25%).