Qatar Petroleum has 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 Cote d’Ivoire.
The two blocks cover an area of approx. 3,200 sq kms, and present multi-target hydrocarbon prospects in water depths ranging from 1,000 to 2,000 meters, 35 kms from shore and about 100 kms 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.
The farm-in agreement is subject to customary approvals by the Côte d’Ivoire Government.
Source: Qatar Petroleum