FINANCIAL NEWS

Total will invest USD2bn in Qatar oilfield development

28 Jun 2016

(MENAFN) Total aims to invest up USD2bn in developing the Al-Shaheen oilfield in five years, after the French major won 30 percent share to operate Qatar’s largest offshore oilfield.

Moreover, the firm plans to invest for five years 2017-2022, more than USD2bn in the field to integrate technology, while a new firm named North Oil will manage the joint venture.

On the other hand, Qatar Petroleum will keep the remaining 70 percent in the new joint venture for the Al-Shaheen field, which is 80 km off Qatar’s coast.

In addition, the new deal is an improvement for Total, which became the first oil major to renew a 40-year onshore concession in the United Arab Emirates.

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