Oil major Total SA said it sold a 15% stake in its Congo exploration and production unit Total E&P Congo to a Qatari investment fund specialized in energy assets, for $1.6 billion, as part of the French group's disposals strategy.
Oil major Total SA said it sold a 15% stake in its
Congo
exploration and production unit Total E&P
Congo
to a
Qatari investment fund specialized in energy assets, for $1.6 billion, as part
of the French group's disposals strategy.
Over the past two years, Total has been selling noncore and mature assets or
stakes as it targets divestitures worth $15 billion to $20 billion between 2012
and 2014. The disposals are part of a strategy to increase cash flow and fund
an exploration plan as the group is in a tight race with peers to find new oil
and gas reserves around the world.
Qatar Petroleum International's entry in Total E&P Congo's capital equity
will also help consolidate the unit's financial capacity as it is developing
the Moho Nord deep offshore project, expected to start production in 2015 and
to produce as much as 140,000 barrels of oil equivalent per day.
Total E&P Congo produces around 60% of the country's output, with an
average of 113,000 boe/d in 2012.
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