Gulf Oil and Gas accountACCOUNT

Total Acquires a 40% Stake in 5 Blocks in Lamu Basin

Source: www.gulfoilandgas.com 9/21/2011, Location: Africa

Total announces its acquisition, through its Total E&P Kenya B.V. subsidiary, of a 40% interest in five offshore exploration blocks in the Lamu Basin, blocks L5, L7, L11a, L11b and L12. Subject to the approval of the Kenyan authorities, Total will acquire:

- a 20% stake from Anadarko Kenya Company, which will continue to be the operator with a 50% interest in the permits ;
- a 5% stake from Cove Energy, which will maintain a 10% interest in the permits ;
- a 15% stake from Dynamic Global Advisors, which is selling all of its interest to Total.

Covering an area of more than 30,500 square kilometres, the exploration blocks are located offshore the Lamu Archipelago in water depths of between 100 and 3,000 metres.

A 3,500 square kilometres 3D seismic survey is currently underway. If the results are satisfactory, one or more exploration wells will be drilled once the survey has been completed.

“This transaction is part of a bold exploration strategy that consists in acquiring large stakes in high-potential frontier plays,” says Marc Blaizot, Total’s Senior Vice President, Exploration. “Recent discoveries in offshore Mozambique and Tanzania offer a very promising outlook for these Kenyan permits.”

Following its recent entry in the exploration and development of reserves in Uganda’s Lake Albert region, and its selection to develop exploration activities in Tanzania, this acquisition is another step in Total’s strategic focus on strengthening its exploration and production presence in East Africa.

Acquisitions and Divestitures News in Kenya >>

Vietnam >>  2/14/2020 - KrisEnergy has announced that its wholly-owned subsidiary, KrisEnergy (Vietnam 115) Ltd, has entered into a farm-out agreement with a major internatio...
Nigeria >>  2/12/2020 - Zenith Energy Ltd. has entered into final stage negotiations with a national oil authority to secure a material oil production license in West Africa....

Norway >>  2/11/2020 - Aker BP has entered into an agreement with PGNiG Upstream Norway AS to swap its 3.3 percent interest in the non-operated Gina Krog field and an 11.917...
Egypt >>  2/10/2020 - Wintershall Dea and Egyptian Minister of Petroleum H.E. Tarek El Molla have signed the concession agreement for the East Damanhour block. The block is...

Indonesia >>  2/10/2020 - Coro Energy plc provides an update in respect of the Company's 15% non-operated interest in the Duyung production sharing contract (the Duyung PSC), o...
United States >>  2/10/2020 - Rose Petroleum plc (ROSE) is pleased to provide an update on its proposed working interest acquisition in the McCoy lease, a 317-acre leasehold in the...

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 


Kenya Oil & Gas 1 >>  2 | 3 | 4 | 5 |

Oil & Gas Projects in Kenya >>

More News

Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.