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Qatar Petroleum (QP), representing the government of the state of Qatar, signed an agreement authorizing PetroChina Investment to acquire from GDF Suez Exploration Qatar B.V. 40% of the E&P rights under its Qatar's Block 4 exploration and production-sharing agreement (EPSA).
GDF Suez, with 60% stake, will remain as the operator of the block.
Block 4 is an offshore block in the northern sector of Qatar, close to the North Field. It extends for more 2,500 sq km (965 sq miles) in area at water depths up to 75 m (246 ft). With the formal signing of the agreement, the two partners, GDF Suez and PetroChina, will begin drilling in Block 4 by the next few months.