Qatar Petroleum and Total to launch joint venture.Qatar Petroleum announced last week it would increase natural gas production by 30% by 2024. Qatar Petroleum and French energy giant Total will formally launch a 25-year joint venture to develop the Al Shaheen oil field this week, the companies said on Monday. The North Oil Company, to be launched on Tuesday, will be made up of a 70% stake from QP and a 30% stake from Total, which is taking over operations from Maersk Oil, according to a statement released by Qatar Petroleum.
Despite its regional isolation, Qatar has said it can survive what it has called a “blockade”. Qatar Petroleum last week announced it would increase natural gas production by 30% by 2024.
Qatar Central Bank Governor HE Sheikh Abdullah bin Saud al-Thani also told US media at the weekend that Qatar has $340bn in reserves to weather the crisis. The signing of the Total contract also comes amid reports that Saudi Arabia and the UAE may pressure international companies to either do business with them or with Qatar.
The deal comes in the same month that Total defied US pressure to sign a multi-billion gas contract with Iran on July 3, the first by a European firm with Tehran in more than a decade.