QP Farms in to Total’s Offshore Côte d'Ivoire Exploration Blocks
Qatar Petroleum (QP) has entered into a farm-in agreement with French energy major Total SA to acquire a 45% participating interest in two exploration blocks offshore Côte d’Ivoire. The financial details and other terms of the deal have not been disclosed.
Blocks CI-705 and CI-706 cover a combined area of approximately 3,200 sq. km in the Cote d’Ivoire-Tano Basin, a proven and prolific hydrocarbon region with major oil discoveries including the Jubilee, Autruche and Enyenra fields. The blocks are situated 35 km off the coast in water depths ranging from 50 to 2,000 m, and are located approximately 100 km from the nearby Foxtrot, Espoir and Baobab fields.
Upon completion of the transaction, Total will retain a 45% operated interest in both blocks, with state-owned Societe Nationale d’Operations Petrolieres de la Cote d’Ivoire (PETROCI) holding the remaining 10% interest.
“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,” said H.E. Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President & CEO of QP. “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”, he added.
This is the second deal struck between the two companies in the past month. Earlier in May, QP also signed farm-in agreements with Total to acquire 30% of its participating interests in Blocks 15, 33 and 34 located in the Campeche Basin, offshore Mexico.
The completion of the Côte d’Ivoire farm-in remains subject to customary approvals by the government.