Total and Qatar Petroleum are to take over operatorship of the Al-Shaheen oil field for a period of 25 years from Friday this week.
The field will be operated by the North Oil Company (NOC) which was established a year ago as a partnership between the firms.
Total’s chief executive Patrick Pouyanne said: “Joining Al-Shaheen is a major milestone and accomplishment in the long history of the group’s partnership with Qatar, where we have been active for more than 80 years.
“The transition activities were conducted successfully thanks to the strong commitment of all parties and the deployment of the best expertise by both Total and Qatar Petroleum. I would like to thank deeply the staff and management of Maersk Oil, NOC, Qatar Petroleum and Total who all worked very hard to ensure a smooth and safe transition and handover.
“NOC will leverage its technical capabilities to optimize the exploitation of the complex Al-Shaheen oil field.”
The field produces 300 thousand barrels of oil per day, with Total owning a 30% stake and Qatar Petroleum holding a 70% share.
The development consists of 30 platforms and 300 wells, and production from the field represents about half of Qatar’s oil production.
The first phase of the development plan for the field – which will see 56 new wells being drilled – will start this summer with the mobilisation of the first two rigs, and a third to be added at the start of next year.
Two further development phases are planned in the next five years to develop the field.