Total has signed an agreement to obtain a 30% interest in the concession covering the offshore Al-Shaheen oilfield from Qatar Petroleum (QP).

Located in Qatari waters 80km north of Ras Laffan, the oilfield produces 300,000bpd.

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Production at Al-Shaheen started in 1994. The existing development comprises 30 platforms and 300 wells.

Under the agreement, the companies will establish the new North Oil Company that will develop and operate Al-Shaheen oilfield.

"This agreement is in line with Total’s strategy to reinforce its presence in the Middle East."

QP will own 70% of the new company, while Total will have a 30% stake.

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Total chairman and CEO Patrick Pouyanné said: "Our contribution to the development of the Al-Shaheen field is a significant milestone in the long history of the group’s partnership with Qatar, where for 80 years we have been active in the entire hydrocarbon value chain including oil and gas production, LNG, refining and petrochemicals.

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"This agreement is in line with Total’s strategy to reinforce its presence in the Middle East, in particular by accessing giant fields and by complementing its portfolio with low-technical cost oil assets."

The companies also signed a development and fiscal agreement where QP licensed the rights for development and operation, in addition to production, sale and export of crude oil from Al-Shaheen for 25 years starting in July next year.

QP concluded the competitive process was initiated last year for the further development and operation of Al-Shaheen.

QP president and CEO Saad Sherida Al-Kaabi said: "QP’s objective for the competitive process was to choose a partner that has world class technical capabilities that enable it to continue the development and operation of Al-Shaheen field in partnership with QP, while at the same time ensuring the highest possible financial return to the state of Qatar."