Sign In
28 Jun 2016 07:00
Qatar: Total Obtains a 30% Interest in the Giant Al-Shaheen Field Concession for 25 Years
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has signed an agreement with Qatar Petroleum, granting the Group a 30% interest in the concession covering the offshore Al-Shaheen oil field for a period of 25 years beginning July 14, 2017.
The Al-Shaheen field produces 300 thousand barrels of oil per day. The concession will be operated by a new operating company held 70% by Qatar Petroleum and 30% by Total.
“Total is honored to have been awarded a 30% interest in the Al-Shaheen concession. This is an important recognition of Total’s technical and commercial competence, and the Group will deploy its best technical expertise and experienced teams to this field,” said Patrick Pouyanné, Chairman and CEO of Total. “Our contribution to the development of the Al-Shaheen field is a significant milestone in the long history of the Group’s partnership with Qatar, where for 80 years we have been active in the entire hydrocarbon value chain including oil and gas production, LNG, refining and petrochemicals. This agreement is in line with Total’s strategy to reinforce its presence in the Middle East, in particular by accessing giant fields and by complementing its portfolio with low-technical cost oil assets.”
Located in Qatari waters 80 kilometers North of Ras Laffan, the Al-Shaheen field began production in 1994. The existing development consists of 30 platforms and 300 wells, and production from the field represents about half of Qatar’s oil production.
Total in Qatar
Present in Qatar since 1936, Total holds a 20% interest in the upstream part of Qatargas 1, a 10% interest in the Qatargas 1 liquefaction plant joint venture, a 24.5% stake in the Dolphin Energy Ltd Company and a 16.7% stake in the Qatargas 2 train 5 joint venture. Total’s Qatari production averaged 134,000 barrels of oil equivalent per day in 2015.
Total is also a partner in the Laffan Refinery with a 10% interest and in the Qapco (20%) and Qatofin (48.6%) petrochemical plants. In addition to Total’s activities in Qatar, Total’s strategic partnership with Qatar extends to Africa, where Qatar Petroleum International holds a 15% stake in Total E&P Congo.
* * * * *
About Total
Total is a global integrated energy producer and provider, a leading international oil and gas company, and the world’s second-ranked solar energy operator with SunPower. Our 96,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. total.com
Cautionary note
This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total” and “Total Group” are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.
This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.
TOTAL S.A.Mike SANGSTERNicolas FUMEXPatrick GUENKELRomain RICHEMONTTel. : + 44 (0)207 719 7962Fax : + 44 (0)207 719 7959orRobert HAMMOND (U.S.)Tel. : +1 713-483-5070Fax : +1 713-483-5629
View source version on businesswire.com: http://www.businesswire.com/news/home/20160627006303/en/
Copyright Business Wire 2016
Follow the stocks
