According to a press release by French oil company Total in Paris on 26th December, Qatar Petroleum International (QPI) had taken a 15% stake in Total E&P Congo through a share capital increase. This is to consolidate the framework agreement signed by both companies in May this year.
The Chairman and CEO of Total – Christophe de Margerie commented that “The conclusion of this agreement, which is an important milestone, 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,”.
The press realease states that the transaction, whilst demonstrating the quality of Total E&P Congo’s assets and the expertise within its organization, is also in line with the Group’s strategy of active portfolio management. “The 1.6 billion dollar increase of Total E&P Congo’s capital will consolidate its financial capacity at a time when it is progressing the development of the Moho Nord deep offshore project.”
About Total E&P Congo
Present in the Republic of the Congo since 1968, Total E&P Congo is the country’s leading oil producer, operating 10 of the 22 fields developed, and accounting for nearly 60% of national output. Total E&P Congo’s equity production averaged 113,000 boe/d in 2012.
Total E&P Congo has also launched the development of the Moho Nord field, consisting of the Moho-Bilondo Phase 1bis and Moho Nord projects, on the Moho-Bilondo license which it operates. First oil is expected in 2015, with output reaching 140,000 barrels of oil equivalent per day (boe/d) in 2017.
Source: Total Website