Total (NYSE:TOT) has signed an agreement with Yam’s Petroleum to acquire a 60% interest in the CI-100 license offshore Cote d'Ivoire. Through this agreement, Total becomes the project operator. Yam’s Petroleum retains a 25% interest and Côte d’Ivoire’s national oil company Petroci holds the remaining 15%. The transaction has been approved by the Côte d’Ivoire authorities.
Covering an area of nearly 2,000 square kilometers, the CI-100 block is located about 100 kilometers southeast of Abidjan in water depths ranging from 1,500 to 3,100 meters. An initial 3D seismic survey has already been carried out by Yam’s Petroleum. Exploration work will include a new 1,000 square-kilometer 3D seismic survey, which will complete coverage of the block, and a first drilling, in 2012 at the latest.
“We are very pleased about this agreement with Yam’s, which enables us to conduct exploration operations in Côte d’Ivoire’s deep offshore,” said Marc Blaizot, Senior Vice President, Geosciences at Total Exploration & Production. “This is a promising area whose geological objectives are similar to that of major discoveries that have been made in the neighboring blocks in Ghana. Total has expertise in deepwater development in Angola, Nigeria and the Republic of the Congo, and we are delighted to strengthen our portfolio of assets in the Gulf of Guinea.”
Total in Côte d’Ivoire
Total is already present in Côte d’Ivoire in refining via its interest in the SIR (Société Ivoirienne de Raffinage) and in marketing via its extensive service station network that makes the Group the country’s leading retailer.