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 kilometres east of the Qatari coast, the offshore block covers an area of 5,649 square kilometres, 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.
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