Total Acquires Interests in Three New Ultra-Dee...
Total Acquires Interests in Three New Ultra-Deepwater Exploration Licenses in Côte d’Ivoire
Total
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) announces the signature of production sharing agreements with the Côte d’Ivoire state and national oil company Petroci for three new ultra-deep offshore licenses. Total will operate the CI-514 license with a 54% interest, in partnership with Canadian Natural Ressources International (36%) and Petroci (10%). Total will also hold a 45% interest in the CI-515 and CI-516 licenses, alongside Anadarko (45%) and Petroci (10%). For each block Total will become the operator upon the first commercial discovery.
The licenses are situated approximately 100 kilometres offshore Côte d’Ivoire and cover an area of 3,200 square kilometres with water depths ranging from 2,000 to 3,000 metres. The work program includes a 3D seismic survey of the whole acreage and one well to be drilled on each block during the initial three-year exploration period.
"Total is very pleased with this new exploration opportunity in Côte d’Ivoire’s ultra-deep offshore, a field in which our expertise is globally recognized,†said Marc Blaizot, Total’s Senior Vice President, Exploration. “The so-called Abrupt Margin* theme that we will be exploring in this acreage is a core growth driver for the future. In particular, we are targeting the same theme in exploration licenses in French Guiana, where a promising discovery has already been made, and in Mauritania.â€
Total is already present in exploration activities in Côte d’Ivoire as operator of the CI-100 deep offshore license with a 60% participation. This license covers a surface of 2,000 km2 in water depths from 1,500 to 3,100 metres. A complementary seismic campaign of 1,000 km2 was launched end 2011 in order to finalize the 3D studies of the whole permit. First exploration drilling is planned for end 2012.
Total in Côte d'Ivoire
The Group is also active in refining via its interest in the Société Ivoirienne de Raffinage (SIR) refinery and in marketing, with a service station network that makes Total Côte d’Ivoire the country’s leading fuel retailer.
* Abrupt margin is a zone of sediments deposited at the bottom of the continental shelf's downward slope.
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Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 93,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com
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