Qatar Gulf Times reported that Qatar National Petroleum Company and France Total Corporation formally established a joint venture - the North Oil Company on July 11th, to exploit AL Shaheen oil field, and the joint venture period is 25 years. Among them, Qatar Petroleum Company owns 70% of equity shares, 30% of equity shares by Total Corporation. Total replaced Maersk, and signed an agreement with Qatar Petroleum to develop the oil field In June 2016. At present, the oil field has daily production of 300,000 barrels of crude oil, accounting for half of the Qatar crude oil production. According to the terms of the agreement, Total will invest 2 billion US Dollars to the joint venture in the next five years.
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