Qatar Petroleum to Acquire Share in Total's Ivory Coast Offshore Blocks

May 18, 2020

Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum (File Photo: Qatar Petroleum)
Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum (File Photo: Qatar Petroleum)

Qatari-state owned oil and gas company Qatar Petroleum has signed a farm-in deal with France's Total to acquire a 45% participating interest in blocks CI-705 and CI-706, located in the Ivorian-Tano basin, offshore Ivory Coast.

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, Qatar Petroleum said.

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 said.

The farm-in agreement is subject to customary approvals by the Côte d'Ivoire Government. Qatar Petroleum did not share the financial details of the agreement.

Worth reminding, this is the second farm-in deal Qatar Petroleum have signed this month. Earlier in May, Qatar Petroleum signed 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.

Elsewhere in Africa, unrelated to QP, Total on Monday said it wouldn't proceed with the acquisition of Occidental Petroleum's assets in Ghana. More on that here.

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