LA DEFENSE (dpa-AFX) - Total (TTA.L, TTFNF.PK, TOT) said that it has signed an agreement with Qatar Petroleum, granting the Group a 30% interest in the concession covering the offshore Al-Shaheen oil field for a period of 25 years beginning July 14, 2017.
The Al-Shaheen field produces 300 thousand barrels of oil per day. The concession will be operated by a new operating company held 70% by Qatar Petroleum and 30% by Total.
Separately, A.P. Moller-Maersk A/S (AMKAF.PK, AMKBF.PK) said that it has today been informed that Qatar Petroleum has selected another oil company as partner for the future development of the Al Shaheen field.
In July 2015 Qatar Petroleum invited a number of international oil companies to participate in a competitive tender process regarding the future development of the Al Shaheen oil field in Qatar. Presently Maersk Olie & Gas is the operator of the field and the current 25 year production sharing agreement expires in July 2017.
Earlier this year Maersk Oil submitted its bid in the tender.
A.P. Møller - Mærsk A/S' financial outlook for 2016 remains unaffected and no need for write-downs will occur. The Group's reserves and resources (by end of 2015 2P + 2C of 1,141 million boe) will not be impacted by the expiration of the agreement.
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