GDF Suez sells stake in Qatar gas rights to PetroChina

PARIS, Jul 25, 2012 (AFP) - French energy giant GDF Suez has ceded 40 percent of its stake in exploration rights to a Qatari gas block to China's PetroChina for an undisclosed amount, the companies said on Wednesday.

The rights concern the offshore block 4 in northern Qatar that extends for more than 2,500 square kilometres (965 square miles) at water depths of up to 75 meters (250 feet).

With the deal, GDF Suez and PetroChina "will begin drilling in Block 4 by the next few months," a joint statement said.

The deal extends PetroChina's presence in Qatar, which holds the world's third largest gas reserves. Two years ago China's biggest oil company signed a similar deal with Shell.

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