Business & Finance
Wed, September 26, 2012
PARIS--([ BUSINESS WIRE ])--
"The farm-in significantly strengthens our long-term presence in exploration and production in East Africa. Exploration wells are expected to be drilled shortly."
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) announces the signature of a farm-in agreement with the Malaysian state-owned company, Petronas, for the acquisition of a 40% interest in the Production Sharing Contract covering the offshore blocks area 3 and area 6 located in the prolific Rovuma Basin. Petronas will retain the operator ship. The two blocks cover an area of 15,250 square kilometers with water depths ranging up to 2,500 meters. An exploration well is planned by year-end.
aAfter Kenya and Uganda, Total is entering into the southern part of the prolific Rovuma Basin, whose oil potential might equal the gas potential of the northern part,a said Jacques Marraud des Grottes, Senior Vice President, Exploration & Production, Africa.aThe farm-in significantly strengthens our long-term presence in exploration and production in East Africa. Exploration wells are expected to be drilled shortly.a
The transaction is subject to the approval of the Mozambique government.
Total in Mozambique
Total has been present in Mozambique since 1991 through its petroleum product storage and marketing affiliate. Total Moambique markets fuels and lubricants to consumers and industry via two import terminals and a network of 35 service stations.
Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 96,000 employees put their expertise to work in every part of the industry a" exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. [ www.total.com ]
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