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Tuesday, 11 July 2017

Total Starts Work at Biggest Qatari Oil Field to Maintain Output - Bloomberg

Total Starts Work at Biggest Qatari Oil Field to Maintain Output - Bloomberg:

"Total SA will start work this week on Qatar’s biggest oil field and is willing to make more investments in the country, which faces a trade boycott led by fellow OPEC producer Saudi Arabia.

Total will start operating at Al-Shaheen field on Friday to maintain output at 300,000 barrels a day, a development project involving $3.5 billion in investment over five years, Patrick Pouyanne, the company’s chief executive officer, said Tuesday in Doha. There will be no disruption in output and deliveries of crude during the transition to Total as the field’s operator, he said.

Paris-based Total beat competitors including Royal Dutch Shell Plc last year to win a 30 percent stake in the al-Shaheen joint venture, called North Oil Co., with state-run Qatar Petroleum holding the rest. It’s replacing AP Moeller-Maersk A/S in running the deposit, which pumps about 45 percent of the OPEC nation’s output."



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