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View from the coast of Morocco. (Image: mhobl via Flickr)

Qatar acquires stake in Chevron oil project off Morocco

DOHA, Qatar (AP) — The Qatari state oil company, Qatar Petroleum, says it has reached a deal with Chevron to acquire 30 percent of its stake in offshore drilling areas in Morocco.

Under the terms of the deal announced Monday, Chevron will hold onto a 45-percent interest in the offshore leases, while Morocco will retain a 25 percent stake. Qatar Petroleum says the Moroccan government has approved the deal.

The drilling areas are known as Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep. They are located 100 to 200 kilometers west and northwest of the city of Agadir.

Chevron announced its agreement to explore the offshore areas in 2013.

Financial terms were not disclosed.

In related news, Falling oil prices push Chevron to first loss since 2002.

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