PARIS--(BUSINESS WIRE)--Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has signed an agreement with Qatar Petroleum, granting the Group a 30% interest in the concession covering the offshore Al-Shaheen oil field for a period of 25 years beginning July 14, 2017.
The Al-Shaheen field produces 300 thousand barrels of oil per day. The concession will be operated by a new operating company held 70% by Qatar Petroleum and 30% by Total.
“Total is honored to have been awarded a 30% interest in the Al-Shaheen concession. This is an important recognition of Total’s technical and commercial competence, and the Group will deploy its best technical expertise and experienced teams to this field,” said Patrick Pouyanné, Chairman and CEO of Total. “Our contribution to the development of the Al-Shaheen field is a significant milestone in the long history of the Group’s partnership with Qatar, where for 80 years we have been active in the entire hydrocarbon value chain including oil and gas production, LNG, refining and petrochemicals. This agreement is in line with Total’s strategy to reinforce its presence in the Middle East, in particular by accessing giant fields and by complementing its portfolio with low-technical cost oil assets.”
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.
Total in Qatar
Present in Qatar since 1936, Total holds a 20% interest in the upstream part of Qatargas 1, a 10% interest in the Qatargas 1 liquefaction plant joint venture, a 24.5% stake in the Dolphin Energy Ltd Company and a 16.7% stake in the Qatargas 2 train 5 joint venture. Total’s Qatari production averaged 134,000 barrels of oil equivalent per day in 2015.
Total is also a partner in the Laffan Refinery with a 10% interest and in the Qapco (20%) and Qatofin (48.6%) petrochemical plants. In addition to Total’s activities in Qatar, Total’s strategic partnership with Qatar extends to Africa, where Qatar Petroleum International holds a 15% stake in Total E&P Congo.
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