PARIS--(BUSINESS WIRE)--Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) and Qatar Petroleum will take over the operatorship of the giant Al-Shaheen offshore oil field for a period of 25 years beginning July 14, 2017. The field produces 300 thousand barrels of oil per day. The concession will be operated by the North Oil Company (NOC), which was established a year ago as a partnership between Total (30%) and Qatar Petroleum (70%).
“Joining Al-Shaheen is a major milestone and accomplishment in the long history of the Group’s partnership with Qatar, where we have been active for more than 80 years. The transition activities were conducted successfully thanks to the strong commitment of all parties and the deployment of the best expertise by both Total and Qatar Petroleum. I would like to thank deeply the staff and management of Maersk Oil, NOC, Qatar Petroleum and Total who all worked very hard to ensure a smooth and safe transition and handover. NOC will leverage its technical capabilities to optimize the exploitation of the complex Al-Shaheen oil field”, said Patrick Pouyanné, Chairman and CEO of Total. “Total is fully committed to the development of its partnership with Qatar Petroleum both in Qatar and internationally, and is willing to further expand its cooperation in particular with new projects in Qatar.”
Located in Qatari waters 80 kilometers North of Ras Laffan, the Al-Shaheen field began production in 1994. The existing development consists of 30 platforms and 300 wells, and production from the field represents about half of Qatar’s oil production.
The first phase of the development plan of Al Shaheen, consisting of the drilling of 56 new wells, will start this summer with the mobilization of the first two rigs, with a third one to be added at the beginning of next year. This first phase will be followed by two others over the next 5 years to further develop the field.
Total in Qatar
Present in Qatar since 1936, Total holds along with its partner Qatar Petroleum a 20% interest in the upstream part of Qatargas 1, a 10% interest in the Qatargas 1 liquefaction plant joint venture, a 16.7% stake in the Qatargas 2 train 5 joint venture, a 40% interest in Al-Khalij offshore oil field producing 20,000 barrels per day and a 30% stake in North Oil Company joint venture which will operate as of July 2017 the giant Al-Shaheen offshore oil field producing 300,000 barrels per day. Total also holds a 24.5% stake in the Dolphin Energy Ltd Company. Total’s Qatari production averaged 134,000 barrels of oil equivalent per day in 2016.
Total is also a partner in the Ras Laffan Refinery with a 10% interest and in the Qapco (20%) and Qatofin (48.6%) petrochemical plants. Total’s strategic partnership with Qatar extends outside the country. In Africa, Qatar Petroleum International holds a 15% stake in Total E&P Congo. In Pakistan, Qatar petroleum and Total currently work on a liquefied natural gas import project that includes a Floating Storage and Regasification Unit (FSRU), alongside other partners.
* * * *
Total is a global integrated energy producer and provider, a leading international oil and gas company, and a major player in solar energy with SunPower and Total Solar. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. total.com
This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total” and “Total Group” are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.
This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.