Qatar Petroleum International (QPI) agreed to acquire a 15% stake in Total E&P Congo, stating this reinforces its commitment to invest in Africa.
Terms of the agreement were not specified. Total E&P Congo operates the Moho-Bilondo license with a 53.5% interest. The oil development offshore Congo (Brazzaville) is expected to begin production in 2015 and reach 140,000 boe/d in 2017 (OGJ Online, Mar. 22, 2013).
Mohammed Bin Saleh Al Sada, Minister of Energy and Industry and QPI chairman, said the agreement reinforced relationships between Qatar and Congo.
Christophe de Margerie, Total chairman and chief executive officer, called the agreement a new step in implementation of a 2010 memorandum between QPI and Total for a strategic cooperation in Africa.
QPI was established in 2006 as a wholly owned subsidiary of Qatar Petroleum, the national oil company of Qatar.