French oil major Total has informed that Qatar Petroleum International is now a shareholder of Total E&P Congo, holding 15% of its capital.
“The conclusion of this agreement, which is an important milestone, builds on Total’s already well-established partnership with Qatar and at the same time strengthens our commitment to the development of the Congolese petroleum industry,” said Christophe de Margerie , Chairman and CEO of Total.
This transaction, whilst demonstrating the quality of Total E&P Congo’s assets and the expertise within its organization, is also in line with the Group’s strategy of active portfolio management, Total said in a press release. The 1.6 billion dollar increase of Total E&P Congo’s capital will consolidate its financial capacity at a time when it is progressing the development of the Moho Nord deep offshore project. Present in the Republic of the Congo since 1968, Total E&P Congo is the country’s leading oil producer, operating 10 of the 22 fields developed, and accounting for nearly 60% of national output. Total E&P Congo’s equity production averaged 113,000 boe/d in 2012. Total E&P Congo has also launched the development of the Moho Nord field, consisting of the Moho-Bilondo Phase 1bis and Moho Nord projects, on the Moho-Bilondo license which it operates. First oil is expected in 2015, with output reaching 140,000 barrels of oil equivalent per day (boe/d) in 2017.
[mappress] December 27, 2013