Total Teams Up with Qatar in E&P Sector

PARIS (Dow Jones), Mar. 25, 2010

Total has agreed with Qatar Petroleum to invest together in exploration and production projects beyond the shores of Qatar, the company's chief executive officer said Thursday.

The agreement, which CEO Christophe de Margerie disclosed at a Qatar investment conference in Paris, is Total's latest affirmation of its strategy to build partnerships with national oil companies abroad to get access to fresh reserves and markets.

The Total CEO said the joint investment is likely to center on Africa.

In separate comments to reporters on the sidelines of the conference, de Margerie said he expects oil prices to rise slowly as long as there is no new financial crisis.

The current oil price, of around $80 a barrel, already allows for his company to pursue fresh investments, he said.

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