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Total make a move in Guyana, acquires 12,000sq. km stake in country offshore licenses

By Kaieter News

GEORGETOWN
Petroleumworld 02 05 2018

With interest high in Guyana's offshore concessions, a major player in the world's oil arena yesterday announced that it has acquired exploration rights to almost 12,000 square kilometers.

The transaction still has to be approved by authorities in Guyana,
Total, one of the seven “ Super major ” oil companies in the world, disclosed that it has signed agreements to acquire interests into 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. Subject to the approval of relevant authorities, Total will thus own exploration rights to an area covering over 12,000 square kilometers in the Guyana Basin.”

With high interests and very few areas left to be allocated, exploration companies have been casting their eyes towards the existing concessions already in the hands of a few.

Those stakes would be worth millions of US dollars.

“Total is very pleased with this significant entry in the prolific Guyana Basin,” says Arnaud Breuillac, President, Exploration & Production at Total.

“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 licences is in line with the new exploration strategy in place since 2015.”

Total said it was able to acquire a 35% working interest in the Canje Block, located in water depths of 1,700 meters 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% interest alongside operator ExxonMobil (35%).

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

“Total holds an option to purchase a 25% working interest in the Orinduik Block, located in water depths of 70 meters 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% interest following exercise of the option, alongside operator Tullow (60%).”

Total S.A. is a French  multinational  integrated  oil  and  gas  company and one of the seven “ Super major ” oil companies in the world. Its businesses cover the entire oil and gas chain, from  crude oil  and natural gas exploration and production to  power generation , transportation,  refining , petroleum product marketing, and international crude oil and product trading.

Total is also a large scale  chemicals  manufacturer and is a major player in  low-carbon  energies.

Total has its head office in the  Tour Total  in  La Défense  district in  Courbevoie , west of Paris.

In May 2015, ExxonMobil, one of the top five oil companies in the world, announced that it has discovered what appears to be high quality oil, offshore Guyana, about 100 miles from shore.

Several wells later, the discovery was said to be in excess of 3.2B barrels of oil, one of the biggest in recent years.

Guyana has since signed a production agreement and the company is set to start production in 2020, the first commercial oil for this country.



Story from Kaieter News

kaieteurnewsonline.com 02 05 2018

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