Total Signs Farm-In Agreement With Petronas

Total has signed of a farm-in agreement with the Malaysian state-owned company, Petronas, for the acquisition of a 40% interest in the Production Sharing Contract covering the offshore blocks area 3 and area 6 located in the prolific Rovuma Basin. Petronas will retain the operator ship. The two blocks cover an area of 15,250 square kilometers with water depths ranging up to 2,500 meters. An exploration well is planned by year-end.

“After Kenya and Uganda, Total is entering into the southern part of the prolific Rovuma Basin, whose oil potential might equal the gas potential of the northern part,” said Jacques Marraud des Grottes, Senior Vice President, Exploration & Production, Africa. The transaction is subject to the approval of the Mozambique government.