Interest in Libyan Exploration Permit Acquired
Total Fina S.A.
18 November 1999
TOTALFINA ACQUIRES INTEREST IN NEW EXPLORATION PERMIT IN LIBYA
TOTALFINA and its partners Repsol YPF, OMV and Saga have signed an agreement
with Libya's National Oil Corporation (NOC) to explore the M-4 block in the
Murzuk region of southwestern Libya. TOTALFINA holds a 24% interest while Repsol
YPF holds 32%, OMV 24% and Saga 20%.
Block M-4 covers an area of around 12,300 square kilometers in the northern
region of the Murzuk oil basin. It will be operated by Repsol YPF during the
exploration phase.
TOTALFINA is already present in the Murzuk Basin with a 30% interest in the
NC-115 block, where the El Sharara field is currently producing 150,000 b/d of
high-quality oil. Output from the El Sharara field is expected to reach 200,000
b/d within the next few months.
Also in the Murzuk Basin, TOTALFINA has been a partner on blocks NC-186 and
NC-187 since November 1997. Substantial seismic campaigns have been initiated on
these blocks.
In addition, in the Sirte Basin in northern Libya, the Group is operator with a
75% interest in the Mabruk field, which is currently producing 18,000 b/d of
oil.
The new agreement confirms TOTALFINA's interest in upstream oil segment
operations in Libya and fits in with the Group's strategy to strengthen its
positions in North and West Africa, which are major oil and gas provinces.
TOTALFINA own 94.93% OF Elf Aquitaine as of end of October. The two companies
are awaiting approval from the European Commission to finalise their merger, and
a decision is expected in mid-February 2000. Once the merger is completed, the
new Group will be the largest oil and gas producer in Africa.
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