Total enters Mozambique exploration play

Offshore staff

PARIS – Total (NYSE:TOT; Paris:FP FP) has agreed with Petronas to acquire a 40% interest in a production sharing contract offshore Mozambique.

This covers blocks area 3 and area 6 in the southern Rovuma basin, spanning 15,250 sq km (5,888 sq mi) in water depths up to 2,500 m (8,202 ft). Petronas, which will remain operator, plans an exploration well by year-end.

“After 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,” said Jacques Marraud des Grottes, Total’s senior vice president, Exploration & Production, Africa.

The transaction is subject to approval from Mozambique’s government.

9/24/2012

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...