Qatar Petroleum International has bought a share of Total’s oil business in the Republic of Congo for $1.6 billion (£960m).
The deal for a 15% stake of Total E&P Congo was sealed on Boxing Day. The business is a leading oil producer in the country, operating 10 of the 22 fields developed. It accounts for nearly 60% of national output.
Christophe de Margerie, Chairman and CEO of Total said: “The conclusion of this agreement, which is an important milestone, builds on Total’s already well-established partnership with Qatar and at the same time strengthens our commitment to the development of the Congolese petroleum industry.”
Congo‘s first deepwater field came online in 2008 and helped to reverse declining oil production, according to the US Energy Information Administration.
Figures from 2011 suggest Congo has the fifth largest proven oil reserves in sub-Saharan Africa, with 1.6 billion barrels.