PARIS – Qatar Petroleum International has completed a deal to acquire 15% of the capital of Total E&P Congo, first announced last May.
Christophe de Margerie, chairman and CEO of Total, said: “The conclusion of this agreement…builds on Total’s already well-established partnership with Qatar and at the same time strengthens our commitment to the development of the Congolese petroleum industry.”
Total said the resultant $1.6-billion capital injection will strengthen Total E&P Congo’s financial capacity at a time when it is progressing development of the Moho Nord deepwater offshore project. This takes in the Moho-Bilondo Phase 1bis and Moho Nord projects, on the Moho-Bilondo license. First oil is expected in 2015, with output set to reach 140,000 boe/d in 2017.
The company has been present in the Republic of the Congo since 1968, operates 10 of the country’s 22 developed fields, and accounts for nearly 60% of national output. Total E&P Congo’s equity production averaged 113,000 boe/d in 2012.