Qatar Petroleum International (QPI) has signed an agreement to acquire a 15 per cent stake in Total E&P Congo
Through this participation, Qatar’s state-owned oil and gas firm will contribute to the French company’s significant investment programme in Congo - Brazzaville, specifically the offshore Moho North project, industry sources said.
Total E&P Congo operates the Moho-Bilondo license with a 53.5 per cent interest. The oil development offshore Congo - Brazzaville is expected to begin production in 2015 and reach 140,000 bpd in 2017.
Mohammed Bin Saleh Al Sada, Qatar’s minister of energy and industry said, “This agreement is a further milestone in the implementation of QPI’s strategy to develop actively its presence abroad and in Africa.”
Christophe de Margerie, chairman and CEO of Total, noted that this was a new step in the implementation of the memorandum of understanding (MoU) for a strategic co-operation in Africa between QPI and Total.
“It will further build on the well-established partnership with QPI and will strengthen Total’s commitment to proceed with the development of the Central African country’s petroleum industry,” de Margerie said.