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The acquisition is expected to increase Total’s output to 3 MMboe/d by 2019.
The agreement gives Total stakes in the Iara and Lapa fields and gives Petrobras an option to acquire interest in the Perdido Belt area in the Gulf of Mexico.
News of a deepwater Gulf of Mexico discovery is made as the company reports falling profits and growth priorities.
The total oil in place in the Upper Portland pay has increased from 7.7 MMbbl per square mile to 22.9 MMbbl per square mile.
The import-dependent nation is in the aftermath of its most successful licensing round, with attention on its Atlantic Margin emerging frontier area.
DNO had previously required the backing of 57.5% of Faroe shareholders for the takeover offer, but that fell to 50% after DNO lifted its stake in the U.K. company slightly on Jan. 3.
The Nigerian government filed a $1.1 billion lawsuit against Shell and Eni in a commercial court in London on Dec. 13 in relation to a 2011 oilfield deal involving block OPL 245.
Chrysaor has signed up investment banks Jefferies and BMO for the discussions as a deadline for the bids for Chevron's British North Sea oil and gas fields approaches, the four sources said.
The board of Faroe Petroleum, in which DNO already owns 28%, has said the company was worth substantially more than DNO's takeover bid, first announced on Nov. 26.
Faroe Petroleum's CEO Stewart said the deal with Equinor had been in the works before DNO launched its takeover offer last month and was not intended to stop the bid.
Results of a seven-day flow test program for the Balcombe-2z horizontal well in the U.K.’s Weald Basin have led Angus Energy to believe the discovery is capable of producing at commercial rates.
Siccar Point Energy has successfully concluded well testing operations on the 204/10a-5 appraisal well in the Cambo field, north-west of Shetland, the company said Aug. 23.
Frontera Resources Corp. on April 19 announced the successful completion of drilling operations at the Dino-2 well, the second of the three-well drilling campaign at the company’s Taribani complex on Block 12 in Georgia.
The Horse Hill-1 (HH-1) well has flowed light, sweet crude at an average rate of 168 barrels per day (bbl/d), Solo Oil said in a news release.
Roxi Petroleum’s Well 143 at its flagship asset BNG in Kazakhstan has flowed oil strongly since the start of 2016 and continues to flow well, the company said in a news release Jan. 13.
Well 6507/11-11 will be first well drilled in production license 591 near Heidrun and Njord fields in Norwegian North Sea. The license 591 was awarded on Feb. 4, 2011.
Madrid, Spain-based Repsol produces 18 Mcm of gas in Bolivia. The new gas discovery is in the Margarita-Huacaya Block in southern Bolivia, in the Caipipendi area.
This is production license 589’s first exploration well, drilled to 4,655 m vertical depth. It was terminated in Middle to Upper Triassic red sandstone layers in 262 m of water.
UK Oil & Gas Investments Plc found more than 8 Bbbl of shale oil in Horse Hill Field in Weald Basin. The basin is near London’s second-busiest airport, Bloomberg said.
Statoil ASA made another natural gas discovery in Block 2 offshore Tanzania, Reuters said. The company will now appraise one of its previous seven discoveries, and then evaluate several projects.