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February 6, 2018

Total to acquire interests in Guyanese exploration licences

Total has entered agreements to acquire interests in two exploration licences, the Canje Block and the Kanuku Block off the coast of Guyana. 

Total has entered agreements to acquire interests in two exploration licences, the Canje Block and the Kanuku Block off the coast of Guyana.

The development comes after the company reached an option agreement for the nearby Orinduik Block.

Once the transaction is complete, Total will hold exploration rights to an area spread over more than 12,000km² in the Guyana Basin.

Total Exploration & Production president Arnaud Breuillac said: “The Canje, Kanuku and Orinduik blocks are located in a very favorable petroleum context, evidenced by the Liza discovery in 2015.

“Acquiring interests in these highly prospective licences is in line with the new exploration strategy in place since 2015.”

“Acquiring interests in these highly prospective licences is in line with the new exploration strategy in place since 2015.”

Under the agreement signed with an affiliate of Canadian company JHI Associates and Guyana-based company Mid-Atlantic Oil & Gas, Total will have a 35% working interest in the Canje Block in water depths of 1,700m to 3,000m.

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The two companies will continue to hold a shared 30% interest. ExxonMobil will retain operatorship of the field with a 35% interest.

Following completion of the transaction, Total will own a 25% working interest in the Kanuku Block.

Located in water depths of 70m to 100m, the block will be operated by Repsol, with a 37.5% interest, while Tullow will hold the remaining 37.5% stake.

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