QPI acquires 15pc stake in Total E&P Congo

December 28, 2013 - 2:11:57 am

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 $1.6bn increase in 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 yesterday. The deal is part of a wider agreement signed by both  companies in March 2010 to cooperate on projects in Africa. Total E&P Congo, in 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 the company.


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