Qatar Petroleum International has acquired a 15% interest in Total exploration and production (E&P) Congo in a $1.6billion agreement follow-up, the company announced today.
The deal, originally drafted in May this year, will fund Total’s further development of the Moho Nord deep offshore project, 75km off the coast of Pointe Noire in the Republic of Congo.
First oil from the field is expected in 2015, with output reaching 140,000 barrels of oil equivalent per day (boed) in 2017.
“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, chief executive of Total.
The French multinational is the country’s largest oil producer accounting for 60% of the output, at an average production of 113,000boed in 2012.