Published 16 November 2012
Qatar Petroleum and France-based multinational oil and gas company, Total, have extended their agreement by another 25 years to further develop the offshore Al Khalij oil field in Qatar.
Total and Qatar Petroleum signed an exploration and production sharing agreement (EPSA) in 1989 to develop the oil field which will expire in early 2014.
The oil field located 130km east of the Qatari coast was discovered by Total in the year 1991 and started producing oil in 1997.
Qatar Energy and Industry Minister Mohammed bin Saleh Al-Sada said the oil field is being further developed to tap the country's natural resources and also to enhance the hydrocarbon reserves.
"We have been working with our long time partner, Total, on Al Khalij field since its discovery. It has been a mutually beneficial and fruitful partnership," Al-Sada added.
As per the terms of the extended agreement, Qatar Petroleum will own 60% interest in the Al Khalij oil field, whereas Total will hold the 40% interest, until the expiry of the EPSA.
Thereafter, Total will operate the oil field.
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