Cosmo subsidiary acquires Qatar Petroleum

Recently, Cosmo Energy Development, a subsidiary of Cosmo Energy Holdings, announced that it has acquired a 25% stake in Qatar Petroleum Development from Sojitz Corporation, making Qatar Petroleum Development a wholly-owned subsidiary of Cosmo Energy Development. The purchase price has not been disclosed.

Sojitz has announced its intention to exit its oil interests by 2030 and has approached Cosmo Energy Development about an acquisition. Cosmo Energy Development is planning to expand its crude oil development business, so the acquisition was completed quickly.

Qatar Petroleum Development was originally a joint venture between Sojitz Corporation and Cosmo Energy Development. It began production in Block 1 in the southeastern waters of Qatar in 2006, with a crude oil output of about 4,000 barrels per day. In December 2022, the product sharing contract with Qatar expires. Qatar Petroleum Development and Qatar signed a five-year contract to continue operating crude oil production operations in Qatar. Cosmo Energy Development stated that through the acquisition of Qatar Petroleum Development as a wholly-owned subsidiary, it will establish a closer cooperative relationship with Qatar Petroleum Corporation, promote the production operations of this block, and extract oil stably and efficiently, thereby consolidating and strengthening the company's presence in the energy market. competitiveness.