PARIS – Total has agreed with Oil Search Ltd. to acquire a 40% interest in offshore licenses PPL 234 and PPL 244, 50% interest in offshore license PRL 10 in the Gulf of Papua, and an option to acquire some onshore properties
The offshore blocks are in water depths to 100 m (328 ft.).
Total and Oil Search say they intend to explore these licenses with Oil Search as operator. Two exploration wells are planned for early 2013, says Total.
The transaction awaits governmental approval by Papua New Guinea.