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

US DOS official: Ukraine event in 2009 prepared West for 2014 faceoff

04/29/2014 Russia’s decision to curtail gas supplies to Ukraine—and ultimately, Europe—in January 2009 helped lay the foundation for more effective US and Eur...

Encana to sell assets in East Texas for $530 million

04/29/2014 Encana Oil & Gas Inc., a wholly owned subsidiary of Encana Corp., has reached an agreement with an undisclosed buyer to sell certain properties...

El Paso to buy gas assets from Kinder Morgan for $2 billion

04/29/2014 El Paso Pipeline Partners LP, a Kinder Morgan Inc. subsidiary, has agreed to acquire 50% interest in Ruby Pipeline, 50% interest in Gulf LNG, and 4...

Roc, Horizon Oil to join in ‘merger of equals’

04/29/2014 Roc Oil Co. Ltd. and Horizon Oil Ltd., both of Sydney, have proposed a merger to create a significant Asian exploration and production company.

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