Total and Qatar Petroleum partnership North Oil Company (NOC) is set to take over operatorship of the Al-Shaheen offshore oilfield, Qatar.
Located in Qatari waters 80km north of Ras Laffan, the field produces 300,000bpd and will be operated by NOC for 25 years.
The Al-Shaheen field began production in 1994. The existing development comprises 30 platforms and 300 wells.
Total chairman and CEO Patrick Pouyanné said: "NOC will leverage its technical capabilities to optimise the exploitation of the complex Al-Shaheen oilfield.
"Total is fully committed to the development of its partnership with Qatar Petroleum both in Qatar and internationally, and is willing to further expand its cooperation in particular with new projects in Qatar."
Al Shaheen's first phase if development comprises drilling of 56 new wells.
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As part of preparations, the first two rigs will be mobilised, and a third one will be added at the beginning of next year.
Two other phases will follow over the next five years to further develop the offshore field.
At present, Maersk Oil is the operator of the Al Shaheen field and will continue until the end of the current licence this month.
Total has a 30% stake in NOC, while the remaining 70% is held by Qatar Petroleum.