Total SA and Qatar Petroleum (QP) has officially launched their new joint venture to develop the giant Al Shaheen offshore oil field for a period of 25 years beginning 14 July. The field produces 300 thousand barrels of oil per day.
Total holds 30 percent stake in the new JV named North Oil Company (NOC), whereas Qatar holds 70 percent stake.
Located in Qatari waters 80 kilometres North of Ras Laffan, the Al-Shaheen field began production in 1994. The existing development consists of 30 platforms and 300 wells, and production from the field represents about half of Qatar’s oil production.