Total to Invest $50M Annually to Maintain Qatar Oilfield

Total will spend around $50 million a year over the next five years to maintain crude oil production from Qatar's al-Khaleej offshore oil field at 45,000 barrels a day, managing director of Total in Qatar, Arnaud Chaperon, said Wednesday.

"We'll continue to drill additional wells and also do work over in the field to optimize the production and maintain the production at a stable level", Chaperon told Dow Jones Newswires in an interview.

"What we would like to do is to maintain a plateau level as long as we keep it at the same level for five years from now," he added.

Chaperon declined to provide figures on the field's total reserves because, he said, the field's structure is very complex.

"We're doing our technical efforts to optimize recovery from this field," he said.

Total is the sole operator of al-Khaleej under a production sharing agreement with state-owned Qatar Petroleum. The field, which is near the maritime border with Iran, started production in 1997.