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Total Signs Farm-in Agreement in Block OPL 215

Source: www.gulfoilandgas.com 6/11/2005, Location: Africa

Total announces that the companyís Nigerian operating subsidiary, Elf Petroleum Nigeria Ltd. (EPNL), has signed a farm-in agreement with NorEast Petroleum Nigeria Ltd., for the Oil Prospecting License (OPL) 215 offshore southwest Nigeria.

OPL 215 is located in the central part of the Niger Delta and covers an area near to 2,500 square kilometres in water depths between 200 to 1,600 metres.

With this agreement, Total has acquired a 40% participating interest in OPL 215. Total is the technical partner and will operate the block on behalf of NorEast Petroleum.

Present in Nigeria since 1962, Totalís equity production in 2004 stood at 271,000 barrels of oil equivalent per day. More than doubling since 1999 with the start-up of Amenam/Kpono, the Groupís production promises a strong continued growth in the years to come with the completion of Akpo in 2008 and future development of Usan (block 222). These projects are complemented by Totalís stake in the Bonny Liquefied Natural Gas plant with trains 4, 5 and 6 coming on stream within three years.

The signing of this contract confirms Totalís growth and diversification strategy in Nigeria while demonstrating its commitment to and confidence in the countryís oil and gas industryís development potential.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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