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QP Enters Agreement for 2 Exploration Blocks in Côte d'Ivoire

Source: www.gulfoilandgas.com 5/18/2020, Location: Africa

Qatar Petroleum entered into a farm-in agreement with Total to acquire a 45% participating interest in blocks CI-705 and CI-706, located in the Ivorian-Tano basin, offshore the Republic of Côte d'Ivoire. The two blocks cover an area of approximately 3,200 square kilometers, and present multi-target hydrocarbon prospects in water depths ranging from 1,000 to 2,000 meters, 35 kilometers from shore and about 100 kilometers from nearby Foxtrot, Espoir and Baobab fields.

Commenting on the agreement, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum said, “The acquisition of working interests in these two blocks marks an important addition to QP’s upstream portfolio in Africa, and represents the first investment for QP in Côte d'Ivoire. Africa’s offshore is a key target area for QP’s international growth strategy.”

“We are pleased to enter into this promising exploration opportunity with our long-term partner, Total, an experienced operator with historical presence in Côte d'Ivoire. We would like to thank the Ivorian authorities, and our partners in these blocks for their support,” His Excellency Minister Al-Kaabi concluded.

The farm-in agreement is subject to customary approvals by the Côte d'Ivoire Government.

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