Total announces that it has signed an agreement with the national oil company Petronas to acquire a 85% interest in the Block SK317B, offshore Malaysia. Under the terms of the agreement, Total will operate the Block alongside its partner Petronas Carigali holding the remaining 15% interest.
The Block SK317B is located around 100 kilometers offshore Sarawak, in water depths ranging from 200 to 1,000 meters. It covers an area of more than 700 square kilometers. The work commitments during the exploration period encompass seismic data acquisition and deep offshore exploration drilling, an area in which Total enjoys a recognized expertise.
"This acquisition reflects Total’s strategy to expand its exploration acreages in new areas or on new themes while developing its partnerships with national oil companies such as Petronas," stated Jean-Marie Guillermou, Senior Vice President Asia-Pacific at Total Exploration & Production.
Total E&P Malaysia
Total is already present in Malaysia with a 70% interest together with Petronas Carigali (30%) in a Production Sharing Agreement signed in 2008 which covers the Block PM303 and PM324, located offshore Peninsular Malaysia. Total operates these two blocks where a seismic campaign was shot in 2009 and where a high-pressure/high temperature exploration drilling campaign will start in 2011.
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