Qatar Petroleum takes stake in Total E&P Congo

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total afp

AFP

(File photo) The headquarters of French oil giant group Total.

Paris - French oil company Total said Qatar Petroleum International had taken a 15 percent stake in Total E&P Congo through a share capital increase following a framework agreement signed in May.

“The $1.6 billion 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,” Total said in a statement on Friday.

The deal is part of a wider agreement signed by the two companies in March 2010 to cooperate on projects in Africa.

Total E&P Congo, present in the Republic of the Congo since 1968, is the country's leading oil producer, operating 10 of the 22 fields developed and accounting for nearly 60 percent of national output, according to Total. - Reuters


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