Tuesday 19 May 2020

Qatar Petroleum entered into a farm-in agreement with Total to acquire a 45% participating interest in blocks Cl-705 and CL-706, located in the Ivorain-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 hydrocarbons prospects in water depth ranging from 1,000 to 2,000 meters, 35 kilometres from shore and about 100 kilometres 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 the 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 a historical presence in Cote Ivoire. We would like to thank the Ivorian authorities, and our partners in these blocks for their support." His Excellency Minister Al-Kaabi concluded.

The farm-in agreement is subject to customary approvals by the Cote D'ivorie government.