Total backs into Qatar block

Offshore staff

PARIS – Total has signed an agreement with CNOOC Middle East (Qatar) to take a 25% interest in Qatar’s offshore block BC (pre-Khuff) exploration license.

CNOOC will continue to be operator, holding the remaining 75% interest.

The block is 130 km east of the Qatari coast, and covers an area of 5,649 sq km (2,181 sq mi), in water depths ranging from 15-35 m (49-115 ft).

Under the terms of the Exploration and Production Sharing Agreement, 2D and 3D seismic surveys will be acquired and at least three exploration wells drilled by 2014.

“The farm-in transaction is another step forward in the partnerships forged with Qatar Petroleum and CNOOC, and reflects Total’s commitment to expanding its exploration and production operations in promising geological basins,” said Christophe de Margerie, chairman and CEO of Total.

His company has been present in Qatar since 1936. Its existing interests include 100% of the producing offshore Al Khalij field, 20% of North Field Bravo block, and a 10% stake in the Qatargas 1 liquefaction plant.

Total also has a 24.5% share in Dolphin Energy, and 16.7% of Qatargas 2 Train 5. Last year the company’s Qatari production averaged 164,000 boe/d.

05/31/2011

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