Total announces that it has signed an agreement with the national oil company Petronas to acquire a 85% interest in the Block SK317B, offshore Malaysia. Under the terms of the agreement, Total will operate the Block alongside its partner Petronas Carigali holding the remaining 15% interest.
Total (
Paris
:FP)
(LSE:TTA) (NYSE:TOT) announces that it has signed an agreement with the
national oil company Petronas to acquire a 85% interest in the Block SK317B,
offshore
Malaysia
. Under
the terms of the agreement, Total will operate the Block alongside its partner
Petronas Carigali holding the remaining 15% interest.
The Block SK317B is located around 100 kilometres offshore
Sarawak
, in
water depths ranging from 200 to 1,000 metres. It covers an area of more than
700 square kilometres. The work commitments during the exploration period encompass
seismic data acquisition and deep offshore exploration drilling, an area in
which Total enjoys a recognized expertise.
"This acquisition reflects Total's strategy to expand its exploration
acreages in new areas or on new themes while developing its partnerships with
national oil companies such as Petronas", stated Jean-Marie Guillermou,
Senior Vice President Asia-Pacific at Total Exploration & Production.
Total E&P Malaysia
Total is already present in
Malaysia
with
a 70% interest together with Petronas Carigali (30%) in a Production Sharing
Agreement signed in 2008 which covers the Block PM303 and PM324, located
offshore Peninsular Malaysia. Total operates these two blocks where a seismic
campaign was shot in 2009 and where a high-pressure/high temperature
exploration drilling campaign will start in 2011.
Total Exploration & Production in Asia-Pacific
Total's share of production in the Asia-Pacific region averaged 250,000 barrels
of oil equivalent per day in 2009, accounting for 11% of the Group's total
output and more than 50% of its liquefied natural gas (LNG) output. Its biggest
presence is in
Indonesia
,
where Total has operated the Mahakam Block since 1970 and is one of the
country's leading producers of natural gas. The Group also produces gas in
Thailand
,
Myanmar
and
the Sultanate of Brunei.
Total diversified its exploration assets with the acquisition of interests in
Australia
,
Cambodia
,
Malaysia
and
Vietnam
. In
addition, it has a 24% interest in Ichthys LNG project in
Australia
, in partnership
with INPEX and it recently acquired a 20% interest in GLNG project in
partnership with
Santos
and
Petronas. In China Total has signed a production sharing contract with China
National Petroleum Corporation to study the natural gas resources of the South
Sulige Block.
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