Total acquire stakes in two offshore Guyana blocks
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Total to acquire stakes in two offshore Guyana blocks

9:46 AM, 5th February 2018
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PARIS, FRANCE: Total SA has signed agreements to acquire interests in two exploration licenses offshore Guyana, the Canje Block and the Kanuku Block.

These agreements come after entering into an option agreement for the nearby Orinduik Block, Total will thus own exploration rights to an area covering over 12,000 square kilometres in the Guyana Basin.

Total acquires a 35 percent working interest in the Canje Block, located in water depths of 1,700 to 3,000 meters, under the terms of the agreement signed with an affiliate of Canadian company JHI Associates Inc and Guyana-based company Mid-Atlantic Oil & Gas Inc. These two companies will retain a shared 30 percent interest alongside operator ExxonMobil (35 percent).

Total acquires a 25 percent working interest in the Kanuku Block, located in water depths of 70 to 100 meters, under the terms of the agreement signed with operator Repsol (37.5 percent), and will be a partner alongside Tullow (37.5 percent).

Total holds an option to purchase a 25 percent working interest in the Orinduik Block, located in water depths of 70 to 100 meters, under the terms of the agreement signed in September 2017 with an affiliate of Canadian company Eco Atlantic Oil & Gas Ltd, who will retain a 15 percent interest following exercise of the option, alongside operator Tullow (60 percent).

“Total is very pleased with this significant entry in the prolific Guyana Basin. The Canje, Kanuku and Orinduik blocks are located in a very favourable petroleum context, evidenced by the Liza discovery in 2015. Acquiring interests in these highly prospective licenses is in line with the new exploration strategy in place since 2015,” said Arnaud Breuillac, president, exploration & production at Total.

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