Qatar reaches an agreement with the French company Total to exploit two oil blocks in Côte d'Ivoire

Qatar Petroleum has concluded an operating agreement with the French oil company Total to acquire a 45 per cent stake in two oil blocks located in the Republic of Côte d'Ivoire basin. The two blocks - referred to as CI-705 and CI-706 blocks - cover an area of approximately 3,200 square kilometres.

Qatar Petroleum, a major player in the international oil and gas industry, is the world's leading exporter of LNG (Liquefied Natural Gas). This acquisition offers multiple possibilities of obtaining hydrocarbons in depths ranging from 1000 to 2000 meters, 35 kilometers from the coast and about 100 kilometers from the nearby fields of Foxtrot, Espoir and Baobab, as reported by the African Press Agency. 

"The acquisition of working interests in these two blocks marks a significant addition to Qatar Petroleum's (QP) portfolio in Africa, and represents the company's first investment in Côte d'Ivoire. The African coast is a key target area for QP's international growth strategy," said Energy Minister and Qatar Petroleum's CEO, Saad Sherida Al-Kaabi. 

"We are pleased to enter into this promising exploration opportunity with our long-term partner, Total, an experienced operator with a historic presence in Côte d'Ivoire. We would like to thank the authorities of this country and our partners in these blocks for their support," he added in statements collected by the aforementioned agency. For the time being, this exploitation agreement is subject to the usual approvals of the Government of the African nation. 

The arrival of this company to this country, in spite of the fall in oil prices during the last few months, demonstrates the attraction of the sedimentary basin of the African country, underlines a press release to which the agency APA has had access. "This agreement is proof of the success of the government's strategy in promoting our country, especially in terms of eco-diplomacy and the business environment," he said. 

In recent months, the President of Côte d'Ivoire, Alassane Ouattara, has made two state visits to Qatar, during which he has promoted investment in various areas of the Ivorian economy, including the oil and gas sectors. 

In addition, the country's Minister of Petroleum and Renewable Energy, Abdourahmane Cissé, has organized several traveling exhibitions and meetings with oil companies, including Qatar Petroleum, to present investment opportunities in the hydrocarbon sector in Côte d'Ivoire, according to information available to APA. The sedimentary basin of this country is currently composed of 51 blocks, of which 4 are in production, 26 in exploration and 21 still free or under negotiation.

Qatar Petroleum has taken advantage of the health crisis caused by the coronavirus pandemic to increase its presence in the world. At the beginning of May, the Qatar company signed an agreement to acquire 30% of the exploration and prospecting rights that the French company Total has in three blocks of the Campeche Sound, in Mexican waters. This company already has other licenses in Mexico, such as the one it acquired from the Italian oil company Eni at the end of 2018, from which it bought a 35% stake in the Area 1 maritime platform, according to EFE news agency. 

The expansion of the coronavirus in the African continent will have unprecedented economic effects, which could bring some countries to the brink of the abyss. However, nations such as China or Qatar are taking advantage of this situation to increase their influence in the region, as shown by the latest move of the Qatari company in Côte d'Ivoire.