Total strengthens its position in Qatar

Total strengthens its position in Qatar

Total signed a deal with the company Qatar Petroleum to acquire a 30% stake in the capital of the offshore oil field concession Al-Shaheen, as of July 14th 2017, for a period of 25 years.

This giant oil field, created in 1994, produces 300 000 barrels of oil per day, which represents nearly half of the oil production in Qatar.

Total has been present in Qatar since 1936, having stakes in Qatargas and Dolphin Energy Ltd, but also in the Ras Laffan refinery and the petrochemical plants Qapco and Qatofin. Total’s production in Qatar amounted to 134 000 barrels of oil per day in 2015.

"Contributing to the development of Al-Shadeen oil field is a major step in the long history of Total’s partnership with Qatar," said Patrick Pouyanné, CEO of Total. This agreement fits into "Total’s strategy to strengthen its presence in the Middle-East," he added.

The French Minister of Foreign Affairs and International Development, Jean-Marc Airault, also expressed his view on the matter: “This contract confirms the exceptional quality of the relationship between France and Qatar and illustrated the excellence of the French know-how in the field of hydrocarbon exploration and production”.

Photo Credit : Gettyimages