DOHA, 28th June, 2016 (WAM) — Qatar Petroleum, QP, on Monday signed a Joint Venture Agreement, JVA, with the multinational French oil and gas company, Total, to establish a new Qatari company to be known as the North Oil Company. that will develop and operate the Al-Shaheen oil field.

According to the Qatar News Agency, QNA, the new company will be 70% owned by QP and 30% by Total.

President and CEO of QP, Saad Sherida Al-Kaabi, said that the objective had been to choose a partner with world class technical capabilities to continue the development and operation of Al-Shaheen field in partnership with QP, while at the same time ensuring the highest possible financial return to the State of Qatar, reported QNA.