Total High Bidder on GoM Deepwater Blocks
Total's wholly owned subsidiary, Total E&P USA Inc., was the high bidder on 20 deepwater exploration blocks in the Western Gulf of Mexico Lease Sale 200. Total E&P USA Inc. will operate these blocks with a 100% working interest. Award of these blocks is subject to final approval by the Minerals Management Service.
Total E&P USA Inc. obtained 7 blocks in the Keathley Canyon area and 13 blocks in the Garden Banks area, each deepwater block spans 5,760 acres.
The acquisition of these blocks is in accordance with the company's strategy in the Gulf of Mexico of focusing exploration efforts on prospects with high long-term potential.
Total has been present in the United States since 1957. In 2005, the Group's average production was 41,000 barrels of oil equivalent per day. Half of the 2005 production comes from the four deep-offshore fields in the Gulf of Mexico: Virgo (64%, operator), Aconcagua (50%, operator), Camden Hills (16.7%) and Matterhorn (100%, operator).
In early 2006 Total finalized an agreement to exchange four onshore fields in southern Texas for a 17% stake in the deep-offshore Tahiti field in the Gulf of Mexico. Tahiti is scheduled to come on stream in 2008 with a production capacity of 125 thousand barrels per day of oil and 70 million cubic feet per day of natural gas.
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