DOHA, – Qatar’s Prime Minister and Minister of Interior, Sheikh Abdullah bin Nasser bin Khalifa Al-Thani, met Total Chairman and CEO, Patrick Pouyanne and the delegation currently accompanying him on a visit to the country.

The meeting reviewed cooperation ties between Qatar and the company, and means of boosting and developing them.

Following that, Sheikh Abdullah witnessed the signing of agreements on the operation and development of Al Shaheen Oil Field, between Qatar Petroleum and Total, as well as, the signing of the development financing agreement (DFA) between Qatar Petroleum and the two parties of the shareholding company, according to which, Qatar Petroleum grants the shareholding company the rights to develop and operate Al Shaheen Oil Field, as well as, produce, sell and export crude oil from the field for 25 years, starting July 2017.

Qatar Petroleum President and CEO, Saad Sherida Al-Kaabi and Pouyanne signed the agreements, which included a joint venture agreement (JVA), according to which the two parties shall establish a new Qatari company, to be named Al Shamal Oil Company, with the company’s ownership divided as 70 percent for Qatar Petroleum and 30 percent for Total. The company is to be in charge of following up on the development and operation of Al Shaheen Oil Field.

Al Shaheen Oil Field is one of the biggest fields in the world, having produced more than 1.6 billion barrels over 22 years. It currently contributes nearly 40 percent of Qatar’s production of crude oil at a rate of approximately 300,000 barrels per day.

Source: Name News Network