Total Takes Stake at Yemen License
by Total S.A.
|Monday, March 05, 2012
Total has acquired from Oil Search a 40 percent interest in the Block 3 exploration license in Yemen, which it will operate. The license covers an area of 1,141 square miles (2,954 square kilometers) in the eastern section of the Marib Basin. The acquisition is subject to the approval of Yemen's Ministry of Oil and Mineral Resources.
Total's partners will be the Austrian OMV, the Czech MND and state-owned Yemen General Corporation for Oil and Gas (YGC). Once the transaction has been completed, the joint-venture will resume exploration with a seismic survey which could be followed by a drilling of an exploration well.
Arnaud Breuillac, Senior Vice-President Middle East, Exploration & Production Total, commented, "With this acquisition, Total is pursuing its strategy of expanding its exploration and production activities in Yemen, in high-potential geological basins that offer a close fit with existing projects."
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