Qatar Petroleum to acquire a 25% stake in Total's SA offshore oil block

A deal between Total SA and Qatar Petroleum will see the latter hold a 45% stake in the oil block.

Qatar Petroleum (QP) and Total have signed an agreement for the former to acquire a 25% stake in an exploration block just offshore of South Africa.

Saad al-Kaabi, QP’s CEO, said of the deal:

“This agreement is another step by Qatar Petroleum… in expanding and reinforcing Qatar’s leading position in the field of energy across the globe.”

Al-Kaabi added that the drilling of an exploration well is planned for some time this year.

Once the sale has been concluded, the new ownership structure for the block will be as follows: Total 45%, QP 25 %, CNR International 20%, and Main Street 10%.