Qatar Petroleum said Dec. 8 it had agreed to buy a 10% participating interest in three of Exxon Mobil Corp.'s (NYSE: XOM) offshore exploration blocks in Mozambique's Angoche and Zambezi basins.
It will be part of a consortium made up of affiliates of Exxon Mobil with a 50% stake, Empresa Nacional de Hidrocarbonetos with 20%, Rosneft with 20% interest, and Qatar Petroleum with 10%.
Qatar and the United States plan to strengthen "energy partnerships," the emirate's minister of state for energy affairs, Saad Al-Kaabi, said in a statement after a meeting in Doha with his U.S. counterpart Rick Perry.
"This is a milestone for Qatar Petroleum as it marks its first foray into Mozambique's promising offshore basins," Qatar Petroleum said in a statement on its website.
The deal is subject to regulatory approval by Mozambique.