Total has bought stakes in some offshore Guyana oil production blocks, boosting its presence in the potentially lucrative Guyana Basin.
The French major said it was buying a 35% working interest in the Canje Block in an agreement signed with an affiliate of Canadian company JHI Associates Inc. and Guyana-based Mid-Atlantic Oil & Gas Inc. These two companies will retain a shared 30% interest alongside operator ExxonMobil, which has a 35% stake.
Total has also bought a 25% working interest stake in the Kanuku Block in an agreement with Repsol and Tullow Oil. Repsol and Tullow each have stakes of 37.5% in that block.
Total added it had an option to buy a 25% working interest in the Orinduik Block in an agreement with Canadian company Eco Atlantic Oil & Gas Ltd, which will retain a 15% interest following exercise of the option, alongside Tullow Oil which has 60%.