Qatar Petroleum Invests In Total E&P Congo

(RTTNews) - Total (TTA.L, TTFNF.PK, TOT) announced that Qatar Petroleum International is now a shareholder of Total E&P Congo, holding 15% of its capital. Total expects the $1.6 billion increase of 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 E&P Congo is a leading oil producer in Congo, operating 10 of the 22 fields developed, and accounting for nearly 60% of national output. Total E&P Congo has also launched the development of the Moho Nord field, consisting of the Moho-Bilondo Phase 1bis and Moho Nord projects, on the Moho-Bilondo license which it operates. First oil is expected in 2015, with output reaching 140,000 barrels of oil equivalent per day in 2017.