Qatar’s state run oil and gas company Qatar Petroleum and French oil giant Total are set to formally launch a joint venture company which will operate the giant Al Shaheen offshore oil field.
According to The Agence France Presse, which cited a statement by the two companies, the joint venture named North Oil Company will formally be launched on Tuesday.
Offshore Energy Today has previously reported that Total would take over the giant Al Shaheen oilfield from Maersk Oil in July when the Danish oil company’s 25 year production sharing agreement expires.
The French oil company outbid the Danish energy firm in a competitive process which Qatar Petroleum had initiated in 2015 for the further development and operation of its Al-Shaheen.
The North Oil Company will be will be 70% owned by QP and 30% by Total.
Following the decision by QP to award the stake to Total, Maersk Oil will leave Qatar.
Offshore Energy Today has reached out to Qatar Petroleum seeking confirmation and we will update the article if and when we receive a response.