Total acquires PTTEP shares in 3 deep-sea offshore blocks
Friday, January 13 2012 - 08:09 AM WIB
French oil and gas company Total announced on Friday it had signed a deal with Thailand?s PTT Exploration and Production Public Company Limited (PTTEP) through a farm-in process acquisition of three deep-sea offshore exploration blocks in Makassar Strait.
The French company agreed to take over 30 percent of shares in South Mandar block from PTTEP, and increased its shares in Sageri and Sadang blocks by 10 percent each.
The new compositions of TOTAL shares are as follows:
- 33% in South Mandar block, with PTTTEP (34%) and Talisman (33%);
- 45% in South Sageri block, with Talisman (35%) and PTTEP (20%); and
- 30% in Sadang block, with Talisman (40%) and PTTEP (30%).
The South Mandar block is operated by PTTEP, while South Sageri and Sadang blocks by Talisman.
Total now has shares in four blocks located in South Makassar basin, which covers an area of 14,575 km2 with depth between 400 and 2,000 meters below sea level.
Commitment for the first phase of the exploration period includes 3D seismic survey in South Mandar, South Sageri and Sadang blocks and drilling of a well in South Sageri block.
Through the acquisition, Total will transfer to Indonesia technology and experience in deep sea drilling.
Editing by David Mustakim