Qatar Petroleum takes 15% stake in Total E&P Congo

Christophe de Margerie, Total Chief22 May 2013, News Wires – State-run Qatar Petroleum has agreed to subscribe to a 15% increase in capital at Total’s Congo-Brazzaville arm.

Qatar Petroleum said its new equity in Total E&P Congo would “contribute to the company’s significant investment programme in Congo, specifically the Moho North project”.

Total chief executive Christophe de Margerie said the new framework of agreement built upon a memorandum of understanding agreed between the pair in March 2010 for strategic co-operation in Africa.

Moho Nord, which saw a final investment decision in February, will see Total install a new floating production unit and tension leg wellhead platform.

Output at the $8 billion development is targeted to reach 170,000 barrels of oil equivalent per day by 2017.

Total operates the Moho Bilonde licence with a 53.5% interest, alongside state-owned Societe Nationale des Petroles du Congo (15%) and Chevron (31.5%).

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