QP, Wintershall Ink EPSA for Offshore Qatar Block
On behalf of the Government of the State of Qatar, Qatar Petroleum has signed an Exploration and Production Sharing Agreement (EPSA) for Qatar Offshore Block-4North (Khuff) with Wintershall Holding AG (German Company).
"This new agreement is part of QP's plans to implement the wise policy and guidance of H.H. The Emir, Sheikh Hamad Bin Khalifa Al-Thani to increase the country’s hydrocarbon reserves base, oil and gas production potential and firm up Qatar's economy," stated H.E. Abdullah Bin Hamad Al-Attiyah, Deputy Premier and Minister of Energy and Industry in his comment after signing the agreement on behalf of Government of the State of Qatar.
The agreement was also signed by Reinier Zwitserloot, Chairman of the Board of Executive Directors (Wintershall Holding AG), at a ceremony held in Doha, Qatar. The signing ceremony was also attended by senior officials of Qatar Petroleum and Wintershall Holding AG.
The Block-4North (Khuff) Area is located north of Qatar within Qatar territorial waters. The block covers 544 km2 (approximately 18.15 Km x 30 Km) offshore acreage. It is situated northwest of Qatar's giant North Field and Al-Shaheen Oil Field. The total term of this agreement is for twenty five (25) years and starts with a thirty (30) months Exploration Period.
During the Exploration Period, Wintershall Holding AG will implement a work program comprising of technical studies, 2D & 3D seismic acquisition, processing, re-processing and interpretation and drilling of exploration wells to Khuff Formation. Pending the results, hydrocarbon development will be carried out. All relevant operations and studies will be conducted with QP supervision and support.
In addition to the signed Block-4North (Khuff) Agreement, QP is intensifying its exploration effort to explore and discover new oil and gas fields. Therefore, QP expects to sign several new Exploration and Production Sharing Agreements in the near future.
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