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 approximately 3,200 square kilometres, and present multi-target hydrocarbon prospects in water depths ranging from 1,000 to 2,000 metres, 35 kilometres from shore and about 100 kilometres from nearby Foxtrot, Espoir and Baobab fields.
Commenting on the agreement, HE the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi, also president and CEO of QP 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 Cote 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 Cote d’Ivoire. We would like to thank the Ivorian authorities, and our partners in these blocks for their support,” al-Kaabi concluded.
The farm-in agreement is subject to customary approvals by the Cote d’Ivoire government.
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