Qatar Petroleum International buys upstream stake in Mauritania

08 April 2008
Qatar Petroleum International (QPI) has bought a stake in two permits in Mauritania from France’s Total.

The company, the overseas investment arm of state-owned energy company Qatar Petroleum, has acquired a 20 per cent stake in the Taoudenni Ta7 and Ta8 permits in the centre of the country, north of Tidjikja.

The two permits have a total surface area of 58,000 square kilometres. Total, the operator on both blocks, acquired 3,260 kilometres of 2D seismic data on the blocks in 2006-07. Completion of the sale is subject to approval by Mauritania's energy and water ministry.

Total signed production-sharing contracts with Nouakchott for the two blocks in January 2005. It later divested a 20 per cent share to Algerian state energy company Sonatrach in March 2008. Following the latest deal, the French company now retains a 60 per cent stake.

It is the second investment in North African oil and gas assets by a Gulf-based national oil company in recent days.

Mubadala Development Company, an investment arm of the Abu Dhabi government, announced on 1 April the acquisition of a 20 per cent stake in the Algerian exploration and production ventures of the UK/Dutch Shell Group (MEED 1:04:08).

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications