French oil and gas giant Total announced on Monday that it has won a 30 percent stake in a new company operating in Qatar's largest offshore oil field. The agreement is for a joint venture with Qatar Petroleum, which holds the other 70 percent, covering the Al-Shaheen oil field. Al-Shaheen produces 300,000 barrels per day and accounts for half of all Qatar's oil output.
"Total is honoured to have been awarded a 30 percent interest in the Al-Shaheen concession," said chief executive Patrick Pouyanne.
"This agreement is in line with Total's strategy to reinforce its presence in the Middle East."
Al-Shaheen is located some 80 kilometres (50 miles) off Qatar's northern coast and has been in production since 1994.
Total Oil has been operating in Qatar since 1936 and also has a stake in gas production in the energy-rich Gulf emirate.
The official announcement was made in Doha on Monday evening. The contract comes into force in July 2017.
Previously the stake has been run by Maersk Oil, but that contract was put out to tender last year.