France's Total, Europe's third-largest oil company, bought a 25% interest in a license to explore for energy resources in Qatar from Cnooc, China's largest offshore oil explorer. Cnooc will retain a 75% stake in the project and remain the primary operator of Block BC. Financial terms of the deal were not disclosed.
Total (TOT) currently holds stakes in four Qatari liquefied natural gas plants. Qatar is the world's largest exporter of liquefied natural gas. Cnooc's 25-year agreement for Block BC, signed with Qatar Petroleum in August 2009, was the Hong Kong-listed company's first exploration venture in the Middle East, according to Bloomberg News.
Cnooc (CEO), China's third-largest oil company, and Total will work on the project with Qatar Petroleum, the country's state-run oil producer.