QPI invests in Total E&P Congo

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.

Related Articles

Bakken field production reaches 1 billion bbl mark

04/28/2014 Citing data from IHS, Continental Resources Inc. reported that Bakken field has surpassed 1 billion bbl of cumulative light, sweet crude oil produc...

EPA cuts 2013 cellulosic-ethanol mandate

04/28/2014 The US Environmental Protection Agency lowered the amount of cellulosic ethanol required in 2013 to the amount actually produced, relieving refiner...

BG Group chief executive resigns

04/28/2014 BG Group’s board has accepted Chris Finlayson’s resignation as chief executive and executive director, effectively immediately. Andrew Gould, BG no...

MARKET WATCH: Crude futures price ends week above $100/bbl

04/28/2014 The New York Mercantile Exchange June crude oil contract price lost 1.34¢, closing at $100.60/bbl on Apr. 25. The July contract relinquished $1.32 ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected