Total Buys Kazakhstani Onshore Assets
France's Total announced Friday that it has acquired a 75-percent interest in two Kazakhstani concessions that cover approximately 5,575 square miles in the southwest of Kazakhstan.
The onshore blocks, dubbed the 'North' and 'South' blocks, were previously operated by Kazakh firm Nurmunai Petrogas.
Total said that the transaction, which was recently apprioved by the Kazakh authorities, broadens its upstream portfolio in Kazakhstan beyond the company's existing Caspian Sea assets. As the new operator of the licenses, Total will acquired seismic data and subsequently drill a well in 2013.
Yves-Loius Darricarrère, Total's president for it upstream business, commented in a company statement:
"The acquisition of the stake in the Nurmunai Petrogas Concessions is in line with Total ambitious exploration strategy and strengthens the presence of the group in Kazakhstan where it will deploy its expertise as operator in a region with promising potential."
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