Total wins 30% stake in Qatar’s largest oil field

DOHA, Qatar – French oil and gas giant Total announced on Monday, June 27, that it has won a 30% stake in a new company operating in Qatar’s largest offshore oil field.

The agreement is for a joint venture with Qatar Petroleum, which holds the other 70%, covering the Al-Shaheen oil field.

Al-Shaheen produces 300,000 barrels per day and accounts for half of all Qatar’s oil output.

“Total is honored to have been awarded a 30% interest in the Al-Shaheen concession,” said chief executive Patrick Pouyanne.

“This agreement is in line with Total’s strategy to reinforce its presence in the Middle East.”

Al-Shaheen is located some 80 kilometers (50 miles) off Qatar’s northern coast and has been in production since 1994.

Total Oil has been operating in Qatar since 1936 and also has a stake in gas production in the energy-rich Gulf emirate.

The official announcement was made in Doha on Monday evening. The contract comes into force in July 2017.

Previously the stake has been run by Maersk Oil, but that contract was put out to tender last year. – Rappler.com