Friday 10 July 2020

QP, Total to buy stake in Côte d'Ivoire blocks

DUBAI, May 19, 2020

Qatar Petroleum has joined France's Total to acquire a 45 per cent participating interest in exploration blocks offshore of Côte d'Ivoire, S&P Global Platts has reported.
The blocks CI-705 and CI-706 are located in the Ivorian-Tano basin, covering an area of about 3,200 sq km, Qatar said in a statement. The farm-in agreement marks QP's first foray into Côte d'Ivoire. The terms were not disclosed.
The area could include several hydrocarbons, located in water depths of 1,000 to 2,000 m, 35 km from shore and about 100 km from nearby Foxtrot, Espoir and Baobab fields.
"The acquisition of working interests in these two blocks marks an important addition to QP's upstream portfolio in Africa," Saad al-Kaabi, QP's CEO, said in the statement. "Africa's offshore is a key target area for QP's international growth strategy."
The farm-in agreement is subject to customary approvals by Côte d'Ivoire's government.
Qatar has strived to boost its international presence through a number of overseas upstream and downstream deals in countries including Oman, Mozambique, South Africa, Kenya, Guyana, the US and Brazil.
Earlier this month, QP entered into three farm-in agreements – also with Total -- to acquire about 30 per cent of Total's participating interest in blocks 15, 33 and 34 located in the Campeche basin, offshore Mexico. The deal brought to six the number of Mexican blocks QP holds an interest in. –Tradearabia News Service


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