Qatar Petroleum Buys Stake in Total E&P Congo
- Business & Finance
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.
December 27, 2013