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Qatar Petroleum joins Total to buy 45% interest in Cote d'Ivoire blocks

May 22/2020

MOSCOW (MRC) -- Qatar Petroleum said Monday it joined with France's Total to acquire a 45% participating interest in exploration blocks offshore of Cote d'Ivoire, reported S&P Global.

The blocks CI-705 and CI-706 are located in the Ivorian-Tano basin, covering an area of about 3,200 sq. kilometers, Qatar said in a statement. The farm-in agreement marks QP's first foray into Cote d'Ivoire. Terms were not disclosed.
The area could include several hydrocarbons, located in water depths of 1,000 to 2,000 meters, 35 km from shore and about 100 km from nearby Foxtrot, Espoir and Baobab fields.

"The acquisition of working interests in these two blocks marks an important addition to QP's upstream portfolio in Africa," Saad al-Kaabi, QP's CEO, said in the statement. "Africa's offshore is a key target area for QP's international growth strategy."

The farm-in agreement is subject to customary approvals by Cote d'Ivoire's government.

Since June 2017, Qatar has been under a diplomatic and trade embargo by its Gulf neighbors Saudi Arabia, UAE, Bahrain and Egypt. Since then, the nation has looked to boost its international presence through a number of overseas upstream and downstream deals in countries including Oman, Mozambique, South Africa, Kenya, Guyana, the US and Brazil. Earlier this month, QP entered into three farm-in agreements - also with Total - to acquire about 30% of Total's participating interest in blocks 15, 33 and 34 located in the Campeche basin, offshore Mexico. The deal brought to six the number of Mexican blocks QP holds an interest in.

As MRC informed earlier, Total has recently disclosed that it is evaluating construction of a new gas cracker at its Deasan, South Korea, joint venture (JV) with Hanwha Chemical.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 557,060 tonnes in the first three month of 2020, up by 7% year on year. High density polyethylene (HDPE) and linear low density polyethylene (LLDPE) shipments rose because of the increased capacity utilisation at ZapSibNeftekhim. Demand for LDPE subsided. At the same time, PP shipments to the Russian market was 267,630 tonnes in January-March 2020, down 20% year on year. Homopolymer PP and PP block copolymers accounted for the main decrease in imports.

Total S.A. is a French multinational oil and gas company and one of the six "Supermajor" oil companies in the world with business in Europe, the United States, the Middle East and Asia. The company's petrochemical products cover two main groups: base chemicals and the consumer polymers (polyethylene, polypropylene and polystyrene) that are derived from them.
Author:Margaret Volkova
Tags:PP, PE, LLDPE, crude and gaz condensate, PP block copolymer, homopolymer PP, propylene, LDPE, HDPE, ethylene, petrochemistry, Qatar Petrochemical, Total Petrochemicals, QP, Cote D'ivoire, Rossiya, South Korea.
Category:General News
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