38.9 C
Thursday 17 June 2021
HomeNewsTotal Congo sells 15% of its exploration subsidiary to Qatar

Total Congo sells 15% of its exploration subsidiary to Qatar

The Qatari national oil company, Qatar Petroleum (QP), has acquired a 15 per cent stake in the exploration and production subsidiary of Total Congo, the Congolese Ministry of Hydrocarbons announced in a statement here Monday

“This investment, which is carried out via a capital increase of Total E & P Congo, allows the French oil giant to facilitate its financing in the central African country, especially its large investment of US$10 billion to develop the Moho Nord oilfield,” the statement said.

It said the investment reflects Congo’s commitment to welcome Qatar as a new partner and also illustrates the commitment of Qatar to invest in Africa.

Late March, Total launched an offshore project in Moho Nord, 75 kilometres off the Congolese oil capital, Pointe-Noire.

Production at the facility, which is expected to start in 2015, will reach 140,000 barrels per day in 2017.

Total operates 10 of the 22 oil fields in the country, which accounts for 60 percent of national production.


Please enter your comment!
Please enter your name here

- Advertisement -