QPI acquires 15 per cent stake in Total E&P Congo

offshore rig 2 -Dec 30Total E&P Congo is one of the country's leading oil producers, operating 10 of the 22 fields currently being developed. (Image source: Gary Bembridge/Flickr)Qatar Petroleum International (QPI) has acquired a 15 per cent stake in Total E&P Congo, following a framework agreement signed in May 2013

Present in the DR Congo since 1968, Total E&P Congo is one of the country's leading oil producers, operating 10 of the 22 fields currently being developed. It accounts for nearly 60 per cent of national oil output.

According to Reuters, Total said, “The US$1.6bn increase of Total E&P Congo's capital will consolidate its financial capacity at a time when it is progressing with the development of the Moho Nord deep offshore project."

Total chairman Christophe de Margerie said,“This agreement is an important milestone for us. It builds on Total’s well-established partnership with Qatar and strengthens our commitment to the development of the Congolese petroleum industry.”

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