CEO: Total to Invest Over $2B in Qatar's Al-Shaheen Oilfield Development

Reuters

DOHA, June 27 (Reuters) - Total plans to invest more than $2 billion in developing the Al-Shaheen oilfield over five years, the company's chief executive said on Monday, after the French major won a 30 percent stake to operate Qatar's largest offshore oilfield.

"We have a plan to invest for five years 2017-2022, more than $2 billion in that field in order to integrate technology," Total's CEO Patrick Pouyanne said in a news conference in Doha.

Total will be in charge with operating the oilfield it starting July 14, 2017, and a new company named North Oil Company will be created to manage the joint venture, Saad al-Kaabi, CEO of state-owned Qatar Petroleum (QP) said.

QP owns the remaining 70 percent stake in the venture.

(Reporting by Tom Finn; Writing by Rania El Gamal, editing by David Evans)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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