Total Farms into Bemolanga Heavy Oil License

Source: www.gulfoilandgas.com 9/17/2008, Location: Africa

Total signed an agreement with Madagascar Oil S.A. to farm into the Bemolanga license with a 60% interest. Located onshore in western Madagascar, the 6,500 square kilometres Bemolanga license was awarded to Madagascar Oil in 2004. The license contains heavy oil in place that has been evaluated at 10 billion barrels during earlier drilling operations and that can be developed using mining technology.

Following the transaction, Total will operate the license. During the initial appraisal phase, additional core drills will be drilled to determine the license’s potential. A production pilot will be set up in a second phase to confirm the development parameters before considering a large scale development of the license.

Taking advantage of experience acquired in Venezuela and in Canada where the Group already holds significant resources of heavy oil, Total is expanding its development strategy in this segment of the industry. Developing the heavy oil is essential to guarantee the supply to world markets within the next decade. Total is already active in Madagascar in marketing, aviation fuel and petroleum product logistics.


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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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