Total Acquires a 20% Interest in Block BM-S-54

Source: www.gulfoilandgas.com 6/30/2010, Location: South America

Total announces the acquisition of a 20% interest from Shell in the BM-S-54 license in the Santos Basin. Shell holds the remaining 80% and keeps the operatorship. This acquisition is subject to approval from the Brazilian authorities.

The offshore block, located about 200 kilometres south of Rio de Janeiro, covers an area of 700 square kilometres in water depth of approximately 2,000 metres.

This acquisition is part of Total’s strategy to increase its presence in exploration and production activities in Brazil. “This stake in a block close to the very prolific block BM-S-11, where the Tupi, Iara and Iracema oil fields were discovered, will enable Total to participate in the promising exploration of the pre-salt area of the Santos Basin” stated Marc Blaizot, Senior vice President, Geosciences at Total Exploration & Production.

Exploration drilling is planned for later this year, subject to approval by the National Agency of Petroleum (ANP) and The Brazilian Institute of Environment and Renewable Natural Resources (IBAMA).


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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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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