Qatar Petroleum to acquire exploration interests off Côte d’Ivoire

19 May 2020 (Last Updated May 19th, 2020 12:31)

State-owned company Qatar Petroleum has signed farm-in agreements with Total on two blocks offshore Republic of Cote d’Ivoire.

Qatar Petroleum to acquire exploration interests off Côte d’Ivoire
QP would take 45% participating interest in blocks CI-705 and CI-706, in the Ivorian-Tano Basin offshore Côte d’Ivoire. Credit: Zachary Theodore on Unsplash.

State-owned company Qatar Petroleum (QP) has signed farm-in agreements with Total on two blocks offshore Republic of Cote d’Ivoire.

The company has said it will take 45% participating interest in blocks CI-705 and CI-706, in the Ivorian-Tano Basin.

The blocks cover around 3,200km2 in area, with water depths ranging from 1,000m to 2,000m. They are 35km from shore and 100km from the Foxtrot, Espoir and Baobab fields.

Commenting on the agreement, 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 farm-in agreement is subject to customary approvals by the Côte d’Ivoire government.

Last month, Qatar Petroleum began a development drilling campaign for the North Field East (NFE) project to increase liquefied natural gas (LNG) production capacity there.

In August last year, QP signed agreements with Total to secure a share in exploration and production rights in two blocks, offshore Namibia.