Total Enters Suriname With 50% Operated Stake in Exploration Block 58
23 December 2019 - 6:24PM
Business Wire
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has signed an agreement
with Apache Corporation to acquire a 50% working interest and
operatorship in the highly prospective Block 58 offshore Suriname,
further expanding Total’s footprint in the prolific Guyana-Suriname
basin.
Block 58 is located on trend with the prolific discoveries in
the adjacent Stabroek block in Guyana. The Maka-1 exploration well
is currently being drilled on the block in a water depth of about
1,000 meters and preliminary results confirm the prospectivity of
the license. Two additional exploration wells are planned to be
drilled by Apache after the completion of Maka-1 before
transferring the operatorship to Total.
“Total is pleased with this significant entry in Suriname where
Total will become Operator and bring its deepwater expertise. The
new license expands our positions in the Guyana-Suriname Basin, a
highly favorable petroleum province,” said Arnaud Breuillac,
President, Exploration & Production at Total. “We
look forward to working alongside with Apache, and Staatsolie, the
national oil company.”
At closing Total will pay a bonus of $100 million, plus its
share of past costs. In the event developments are launched, Total
will provide a reimbursable carry for a share of Apache’s capital
expenditure for the development phase and make some additional
payments linked to the development and production. Cost of carry
and payments would then represent an acquisition cost of around $2
per barrel.
* * * * *
About Total
Total is a major energy player that produces and markets fuels,
natural gas and low-carbon electricity. Our 100,000 employees are
committed to better energy that is safer, more affordable, cleaner
and accessible to as many people as possible. Active in more than
130 countries, our ambition is to become the responsible energy
major.
Cautionary Note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms “Total”, “Total Group” and
Group are sometimes used for convenience. Likewise, the words “we”,
“us” and “our” may also be used to refer to subsidiaries in general
or to those who work for them. This document may contain
forward-looking information and statements that are based on a
number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be
inaccurate in the future and are subject to a number of risk
factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any
obligation to update publicly any forward-looking information or
statement, objectives or trends contained in this document whether
as a result of new information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191222005045/en/
Total Media Relations: +33 1 47 44 46 99 l
presse@total.com l @TotalPress Investor Relations: +44 (0)207 719
7962 l ir@total.com
TotalEnergies (EU:TTE)
Historical Stock Chart
From Apr 2024 to May 2024
TotalEnergies (EU:TTE)
Historical Stock Chart
From May 2023 to May 2024