Qatar Petroleum takes Total stake in Congo

FRANCE TOTAL UTS ENERGY30 December 2013, News Wires – French company Total has announced Qatar Petroleum International has taken a 15% interest in its subsidiary, Total Exploration & Production Congo.

The original agreement was signed in May this year, which will see Total transfer a stake in the company to QPI.

The $1.6 billion increase in Total E&P Congo’s capital will consolidate its financial capacity as the company progresses the Moho Nord deep offshore project.

Total chief executive Christophe de Margerie said this was an important milestone.

“[This] builds on Total’s already well-established partnership with Qatar and at the same time strengthens our commitment to the development of the Congolese petroleum industry,” he said.

 – Upstream
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