Total acquires 25pc stake in Qatari block
Doha, May 29, 2011
France's Total has acquired a 25 per cent stake in Qatar's Block BC offshore exploration license, state-owned Qatar Petroleum said in a statement on Sunday.
Located 130km east of the Qatari coast, the offshore block covers an area of 5,649 sq km, with water depths ranging from 15 to 35m, it said.
China National Offshore Oil Company (CNOOC) Middle East, a wholly-owned subsidiary of CNOOC International, will continue to be the operator of the block with a 75 per cent stake, according to the statement.
The agreement "is another step forward in the partnerships forged with QP and CNOOC, and reflects Total's commitment to expanding its exploration and production operations in promising geological basins," Christophe de Margerie, chairman and chief executive officer of Total, said in the statement.
Total also has a 10 per cent interest in the Qatargas 1 LNG joint venture, as well as a 16.7 per cent stake in Qatargas 2 Train 5 and a 24.5 percent stake in the Dolphin Energy Ltd company.
Total's Qatari production averaged 164,000 barrels of oil equivalent per day in 2010, the statement said. - Reuters