French oil giant Total SA (TOT) Wednesday said it is acquiring a 20%
interest from Royal Dutch Shell PLC (RDSA.LN) in the BM-S-54 license in the
Santos Basin, Brazil.
Shell holds the remaining 80% and is retaining operatorship, Total said in a
statement.
The acquisition is subject to approval from the Brazilian authorities.
The offshore block, located about 200 kilometers south of
Rio
de Janeiro
, covers an area of 700 square kilometers,
approximately 2,000 meters deep.
Exploration drilling is planned later in the year, subject to approval by the
National Agency of Petroleum and the Brazilian Institute of Environment and
Renewable Natural Resources.
Financial
details weren't disclosed.