PetroChina gets approval to buy 40% interest in Qatar Block 4

26 July 2012 13:34  [Source: ICIS news]

SINGAPORE (ICIS)--PetroChina announced late on Wednesday that it has obtained approval from Qatar’s Ministry of Energy and Industry to buy a 40% interest of the oil and gas exploration and production rights in Qatar’s Block 4 from GDF Suez.

French power utility firm GDF Suez, which holds the remaining 60% stake, will remain as the operator of the block, which covers an area of 2,500 square kilometres (sqm) in northern Qatar, PetroChina said in a statement.

The financial details of the deal were not disclosed.

PetroChina and GDF Suez will jointly conduct exploration on the block and plan to complete drillings on two wells before 2013, the statement said.

If commercial-scale reserves are proven, the two will develop the block together with oil and gas state-owned producer Qatar Petroleum, it said.

By: Fanny Zhang
+65 6780 4359

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