The leading oil and gas company Qatar Petroleum announced 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 Côte d’Ivoire.
The two blocks cover an area of approximately 3,200 square kilometers, and present multi-target hydrocarbon prospects in water depths ranging from 1,000 to 2,000 meters, 35 kilometers from shore and about 100 kilometers 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 working interests in these two blocks marks an important addition to QPs upstream portfolio in Africa.
The deal represents the first investment for QP in Côte d’Ivoire. Africas offshore is a key target area for QPs international growth strategy.
The farm-in agreement is subject to customary approvals by the Côte d’Ivoire Government.
The major deals and expansions by Qatar Petroleum are mentioned below:
- March 2020: Qatar Petroleum agreed to acquire Yaras 25% stake in Qatar Fertiliser Company (QAFCO) for approximately $1 billion. QAFCO was founded in 1969 and is now the worlds largest single-site urea producer, representing a significant percentage of the worlds traded urea volumes. Before this transaction QAFCO was owned by Industries Qatar with a 75% share and Yara of Norway with a 25% share.
- February 2020: Qatar Petroleum and Total, announced an important gas discovery in the Brulpadda prospects, located in Block 11B/12B in the Outeniqua Basin, 175 kilometers off the southern coast of South Africa.
- November 2019: Qatar Petroleum announced a successful start of the Egyptian Refining Company (ERC) Refinery project located in Mostorod, north of the Egyptian capital Cairo. Qatar Petroleum owns around 38% in the Arabian Refinery Company, which in turn owns 66.6% in ERC.
- November 2019: Qatar Petroleum has announced the 10-year LPG supply agreement with Chinas Wanhua Chemicals Group for the sale of approximately 800,000 metric tons per year of Liquefied Petroleum Gas (LPG).
About Qatar Petroleum
Qatar Petroleum (QP), headquartered in Doha, Qatar, is a state owned oil and gas company. The company is responsible for all phases of the oil and gas industry in the State of Qatar. The principal activities of the company and its subsidiaries are the exploration, production, local and international sale of crude oil, natural gas and gas liquids, petrochemicals, refined products, synthetic fuels, fuel additives, fertilizers, liquefied natural gas (LNG), steel and aluminium.