AFPDOHA (AFP-Jiji) — Total and Qatar Petroleum on Tuesday unveiled a 25-year joint venture to develop the vast offshore Al-Shaheen oil field.
The firms’ bosses told a Doha press conference that their North Oil Company would operate the field from July 14.
“Joining Al-Shaheen is a major milestone and accomplishment in the long history of the group’s partnership with Qatar,” Patrick Pouyanne, chairman and chief executive of Total, told reporters.
“Qatar is very important to Total, that is very clear,” he said.
Total, which holds a 30 percent stake in the North Oil Company to state-owned QP’s 70 percent, will take over operations from Maersk Oil.
The deal comes just over a week after the French energy giant defied U.S. pressure by signing a multi-billion dollar gas contract with Iran, the first by a European firm with Tehran in more than a decade.