Qatar's state-owned oil and gas company Qatar Petroleum has signed three farm-in agreements to acquire about 30% of Total’s participating interest in blocks 15, 33 and 34 located in the Campeche Basin, offshore Mexico.
Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum said: "We are pleased to sign these agreements, which further expand Qatar Petroleum’s footprint in Mexico, and demonstrate our commitment to achieving our international growth strategy, with Latin America as a core area in our international portfolio.”
Al-Kaabi added: “We look forward to collaborating further with Total, our other partners in these blocks, and the government of Mexico. I would like to take this opportunity to thank the Mexican authorities and our partners for their continued support.”
Qatar Petroleum did not share the financial terms of the farm-in agreements.
The three offshore blocks are situated in the Campeche basin and within 30 to 90 kilometers of the giant Cantarell and KMZ oil fields. The total area covered by the blocks is approximately 2,300 square kilometers, with water depths ranging from about 10 meters to 1,100 meters.