Total acquires stake in Block 3 exploration license in Yemen

Total acquires stake in Block 3 exploration license in Yemen

9:35 PM, 5th March 2012
Total acquires stake in Block 3 exploration license in Yemen
Arnaud Breuillac, Senior Vice President, Middle East, Exploration & Production, Total.

PARIS, FRANCE: Total announced that it has acquired a 40 per cent interest in the Block 3 exploration license in Yemen, from Oil Search. The license covers an area of 2,954 square kilometre in the eastern section of the Marib Basin. The acquisition is subject to the approval of Yemen’s Ministry of Oil and Mineral Resources.

Total’s partners will be the Austrian OMV, the Czech MND and state-owned Yemen General Corporation for Oil and Gas. Once the transaction has been completed, the joint-venture will resume exploration with a seismic survey which could be followed by a drilling of an exploration well. “With this acquisition, Total is pursuing its strategy of expanding its exploration and production activities in Yemen, in high-potential geological basins that offer a close fit with existing projects,” said Arnaud Breuillac, Senior Vice President, Middle East, Exploration & Production, Total.

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