Qatari state-owned firm Qatar Petroleum (QP) signed three farm-in agreements with French supermajor Total to acquire about 30% of Total's participating interest in blocks 15, 33, and 34 in the Campeche basin offshore Mexico, the company announced Wednesday.
The three offshore blocks are situated in the Campeche basin and within 30 to 90 kilometers off the giant Cantarell and Ku-Maloob-Zaap oil fields.
The total area covered is approximately 2,300 square kilometers, at water depths ranging from about 10 meters to 1,100 meters.
Commenting on the occasion, the Minister of State for Energy Affairs, Saad Sherida Al-Kaabi, and the President and CEO of QP, said the agreements would further expand Qatar's footprint in Mexico.
Al-Kaabi also noted this enterprise would help achieve the company's international growth strategy, with Latin America as a core area in Doha's international portfolio.
"We look forward to collaborating further with Total, our other partners in these blocks, and the government of Mexico," he added.
Each of the farm-in agreements is subject to customary regulatory and other approvals by Total's existing partners and the government of Mexico.
According to BP Statistics, Qatar produced 1.88 million barrels of oil per day in 2018, representing a 2% share of the global market. Its proved oil reserves total 2.6 billion barrels with a 1.5% global share.
The statistics show that the country's daily oil refining capacity at 429 thousand barrels is only a 0.4% share of the global market.
It consumes 328 thousand barrels of oil per day and had 101.2 million tons of carbon dioxide in 2018, equivalent to a 0.3% share of total emissions.
By Busranur Begcecanli