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Total has bought into two high-potential blocks offshore east Africa’s exploration hotspot of Mozambique.
The company has signed a farm-in agreement with Malaysia’s state-owned Petronas for a 40% interest in a production-sharing contract covering blocks 3 and 6 in the prolific Rovuma basin.
Petronas will retain the operatorship. The blocks cover an area of 15,250 sq km in water depths ranging up to 2,500 m (8,202 ft).
An exploration well is planned to get underway by the end of this year in one of the blocks.
“After Kenya and Uganda, Total is entering into the southern part of the prolific Rovuma basin, whose oil potential might equal the gas potential of the northern part,” said Jacques Marraud des Grottes, senior vice president, E&P, Africa. “The farm-in significantly strengthens our long-term presence in exploration and production in East Africa. Exploration wells are expected to be drilled shortly.”
The transaction is subject to the approval of the Mozambique government.