Qatar Petroleum to acquire stake in two exploration blocks in Côte d’Ivoire

first_imgThe blocks CI-705 and CI-706 cover around 3,200km of area, and present multi-target hydrocarbon prospects in 1,000 to 2,000m water depth The blocks present multi-target hydrocarbon prospects in water depths ranging from 1,000 to 2,000m. (Credit: Qatar Petroleum) Qatar Petroleum has signed a farm-in agreement with French oil and gas company Total to acquire 45% interest in blocks CI-705 and CI-706.The blocks are located in the Ivorian-Tano basin, offshore the Republic of Côte d’Ivoire. The fields are located 35km from shore and around 100km from the Foxtrot, Espoir and Baobab fields.Qatar Petroleum president and CEO Saad Sherida Al-Kaabi 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 two blocks CI-705 and CI-706 will cover around 3,200km of area, and present multi-target hydrocarbon prospects in water depths ranging from 1,000 to 2,000m.Qatar Petroleum said that the farm-in agreement is subject to customary approvals by the Côte d’Ivoire Government.Qatar Petroleum to acquire Total’s participating interest in offshore Mexican blocksRecently, the company has entered into 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.The blocks cover an total area of approximately 2,300km2 , with water depths ranging from about 10 meters to 1,100 meters.Situated in the Campeche basin, the three offshore blocks are within 30 to 90 kilometers of the giant Cantarell and KMZ oil fields.last_img read more

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