USA: Total Further Increases Its Footprint In The Gulf Of Mexico And Becomes Operator Of The North Platte Discovery
11 Avril 2018 - 08:27AM
Business Wire
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has acquired several
assets located in the Gulf of Mexico as part of the Cobalt
International Energy company’s bankruptcy auction sale. Total
submitted offers on several assets for a consideration of
approximately 300 million dollars and acquires from Cobalt:
- A 20% interest in the North Platte
discovery. As a result, Total increases its interest to 60% and
becomes operator of this discovery. Total will have Statoil as a
partner, who acquired the remaining 40%.
- A 20% interest in the Anchor
discovery. As a result, Total increases its interest to 32.5%,
after having acquired 12.5% last December. This discovery is
operated by Chevron.
- 13 offshore exploration blocks,
which will be operated by Total.
On April 5, 2018, the United States Bankruptcy Court approved
these results.
“The sale of Cobalt’s assets gives us the opportunity to further
enhance our portfolio in the Gulf of Mexico under particularly
attractive conditions and to be able to apply our expertise as a
deep offshore operator. We will now develop the North Platte
discovery, looking for the most efficient scheme in terms of
development cost”, stated Arnaud Breuillac, President Exploration
& Production at Total.
Discovered in 2012 by Total and Cobalt in the Wilcox play, North
Platte covers four blocks of the Garden Banks area, 275 kilometers
off the coast of Louisiana in approximately 1,300 meters of water.
The field is now fully appraised with a total of three wells and
three sidetracks.
Discovered in 2014, Anchor is also located in the Wilcox play,
225 kilometers off the coast of Louisiana in approximately 1,500
meters of water. It is one of the most significant recent
discoveries in the GoM. Anchor is operated by Chevron (55%)
alongside Total (32.5%), and Venari (12.5%).
Total Exploration & Production in the United
States
Total has been active in Exploration & Production in the
United States since 1957. In 2017, the Group’s production in the
country was 123,000 barrels of oil equivalent per day.
In the Gulf of Mexico, Total focuses on the deep-water domain.
In addition to North Platte and Anchor, the Group holds working
interests in three producing fields, Jack with 25% and Tahiti with
17%, both operated by Chevron, and Chinook with 33.33%, operated by
Petrobras. Last January, it also announced the major Ballymore
discovery (Total 40%, Chevron 60% operator), located in the
Norphlet play, following an exploration agreement signed with
Chevron on September 2017. Total also holds participations in over
160 exploration leases.
Onshore, Total operates about 100,000 barrels of oil equivalent
per day (shale gas production) in the Barnett play (Total 100%,
operator) and is a 25% participant in a JV operated by Chesapeake
in the Utica shale play.
About Total
Total is a global integrated energy producer and provider, a
leading international oil and gas company, a major player in
low-carbon energies. Our 98,000 employees are committed to better
energy that is safer, cleaner, more efficient, more innovative and
accessible to as many people as possible. As a responsible
corporate citizen, we focus on ensuring that our operations in more
than 130 countries worldwide consistently deliver economic, social
and environmental benefits.
* * * *
Cautionary note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms “Total” and “Total Group”
are sometimes used for convenience where general references are
made to TOTAL S.A. and/or its subsidiaries. Likewise, the words
“we”, “us” and “our” may also be used to refer to subsidiaries in
general or to those who work for them.
This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL S.A. nor any of
its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
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