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

MARKET WATCH: NYMEX oil futures drop with HSC partially reopened

03/26/2014 Crude oil prices fluctuated but ended the New York trading session down modestly Mar. 25 after the US Coast Guard reopened the Houston Ship Channel...

Total, InterOil close Papua New Guinea deal

03/26/2014 InterOil and Total SA have finalized a revised sales and purchase agreement for the Elk-Antelope gas-condensate field in petroleum retention licenc...

LNG exports’ immediate geopolitical impacts limited, senators told

03/26/2014 Direct geopolitical impacts from the US authorizing LNG exports more quickly would be limited, witnesses told a US Senate committee. But global mar...

WoodMac: US tight-oil market ‘too robust to bust’

03/25/2014 A drop in global oil price levels or a significant widening of the differential between global oil prices and inland realizations are just two of t...

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