Total Acquires Stake in Philippines Block SC56

Total E&P Philippines announced Monday the signature of a Farm out Agreement with Mitra Energy, based in Kuala Lumpur, Malaysia, to acquire a 75-percent interest in the offshore Block SC56, located in the Sulu Sea. 
 
The block covers a total area of around 1,650 square miles, in water depths ranging from 650 to 9,850 feet. Mitra will retain a 25-percent interest in SC56.
 
"With this new acquisition, Total continues to pursue its strategy to further expand its acreage in significant potential plays in new exploration areas, notably in deep offshore Asia Pacific," said Jean-Marie Guillermou, Total's senior vice president for Asia Pacific exploration and production. 
 
A new exploration phase will start on September 1, 2012, and Mitra will initially operate the seismic works including the re-processing of existing data and the 3D acquisition of additional 190 square miles, after which the operatorship will be transferred to Total for the drilling operations. 
 
This transaction is subject to approval by the authorities of the Republic of Philippines. 
 
 

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Location Manager I - Saybolt
Expertise: Business Development|Facilities Management|Surveying
Location: Texas City, TX
 
Legal Assistant
Expertise: Legal
Location: San Ramon, CA
 
Paralegal
Expertise: Legal
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $55.47/BBL 0.69%
Light Crude Oil : $52.48/BBL 0.30%
Natural Gas : $3.41/MMBtu 0.29%
Updated in last 24 hours