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Total Signs PSC for Diaba License in Gabon

Source: www.gulfoilandgas.com 12/12/2006, Location: Africa

Through 58%-owned subsidiary Total Gabon, Total signed an exploration and production sharing contract for the offshore Diaba license in Gabon. Covering an area of 9,075 square kilometres, the license is located around 50 kilometres offshore southern Gabon in water depths ranging from 100 to 2,500 metres.

The license partners are Total Gabon with an 85% interest and the Gabonese Republic with a direct interest of 15%. The exploration program will be divided into three phases. The first phase, lasting three-and-a-half-years, consists of a commitment to shoot 2,000 kilometres of 2D seismic. The second phase, also lasting three-and-a-half years, comprises a commitment to shoot 700 square kilometres of 3D seismic, while the third phase, lasting three years, includes an obligation well.

This latest acquisition demonstrates Totalís confidence in continued operations in Gabon, in particular through the acquisition of new deep offshore acreage to explore new plays in previously untapped horizons.

Through subsidiary Total Gabon, the Group is the countryís top-ranked oil operator, with total operated crude oil production of around 37% of Gabonís total output. Totalís equity production averaged 98,000 barrels of oil equivalent per day in 2005.

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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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