Total (TOT) has signed an agreement with ConocoPhillips (COP) to acquire a 24.5% interest in the Arafura Sea and the Amborip VI blocks in the Arafura Sea, offshore Indonesia. With this agreement, ConocoPhillips, operator of those two blocks, will now hold a 75.5% working interest in the Arafura Sea block. In the Amborip VI block, ConocoPhillips will hold a 51% interest, OPIC Indonesia Corporation holding the remaining 24.5% interest.
Lying in water depths ranging from 30 to 100 meters, the Arafura Sea and Amborip VI blocks each cover around 9,000 square kilometers. In each block, the first exploration well is planned to be drilled by end of 2010.
With this acquisition, Total pursues its strategy to further develop its exploration and production activities in Indonesia in “new frontier” geological plays.
Total E&P Indonesia
Total is present in Indonesia through its affiliates, Total E&P Indonesie and PT Total Oil Indonesia, Total has been present in the country since 1968, with operations concentrated in the Offshore Mahakam block in East Kalimantan. Total is the first gas producing operator in Indonesia and currently contributes to around 80% of the Bontang LNG Plant supply. Indonesia represented 8 % of Total Group’s production in 2009, amounting to 190,000 barrels of oil equivalent per day.