Total acquires 25pct stake in Qatari

DOHA: France's Total has acquired a 25 percent stake in Qatar's Block BC offshore exploration license, state-owned Qatar Petroleum said in a statement on Sunday.

Located 130 kilometers east of the Qatari coast, the offshore block covers an area of 5,649 square kilometers, with water depths ranging from 15 to 35 meters, it said.

China National Offshore Oil Company (CNOOC) Middle East Ltd., a wholly-owned subsidiary of CNOOC International Ltd., will continue to be the operator of the block with a 75 percent stake, according to the statement.

The agreement "is another step forward in the partnerships forged with QP and CNOOC, and reflects Total's commitment to expanding its exploration and production operations in promising geological basins," Christophe de Margerie, Chairman and Chief Executive Officer of Total, said in the statement.

Total also has a 10 percent interest in the Qatargas 1 LNG joint venture, as well as a 16.7 percent stake in Qatargas 2 Train 5 and a 24.5 percent stake in the Dolphin Energy Ltd Company.

Total's Qatari production averaged 164,000 barrels of oil equivalent per day in 2010, the statement said.

Copyright Reuters, 2011