Total acquires Qatar block stake

France’s Total has acquired a 25% stake in Qatar’s Block BC offshore exploration license, state-owned Qatar Petroleum said in a statement.

Located 130 kilometres east of the Qatari coast, the offshore block covers an area of 5649 square kilometres, with water depths ranging from 15 to 35 meters, Reuters reported.

China National Offshore Oil Company (CNOOC) Middle East, a wholly-owned subsidiary of CNOOC International, will continue to be the operator of the block with a 75% stake, according to the statement.

Total chairman Christophe de Margerie said in the statement that the agreement was another step forward for the two companies.

“(It) reflects Total’s commitment to expanding its exploration and production operations in promising geological basins,” he said.

Total also has a 10% interest in the Qatargas 1 liquefied natural gas joint venture, as well as a 16.7% stake in Qatargas 2 Train 5 and a 24.5% stake in the Dolphin Energy company.