"Qatar Petroleum International agreed to purchase a stake in Total SA’s (FP) Congo operations, its first investment in an overseas offshore oil field, amid a slowdown in energy spending at home.
The foreign investment arm of Qatar Petroleum, the state-run energy company, will participate in a 15 percent capital increase for the Republic of Congo unit, Total and Qatar Petroleum International, or QPI, said in a joint e-mailed statement. QPI will contribute to Total’s investment in Congo, specifically the Moho North project, the companies said today.
Qatar is acquiring oil and gas reserves abroad amid a halt to development of the country’s North Field, the world’s largest gas reservoir. The Congo agreement came one month after QPI and Centrica Plc (CNA) agreed to buy natural gas fields in Canada from Suncor Energy Inc. (SU) for C$1 billion ($965 million)."
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