The agreements follow the company’s option agreement made for the nearby Orinduik Block in September 2017. Through the three deals, Total will make its entry in the Guyana Basin.
The French oil and gas firm will own exploration rights to a total of 12,000km2 in the Guyana Basin, once its transactions get the necessary approvals.
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 licenses is in line with the new exploration strategy in place since 2015.”
In the Canje Block, Total has agreed to acquire a stake of 35% from an affiliate of Canada-based JHI Associates and Guyanese firm Mid-Atlantic Oil & Gas. The two sellers will retain a shared interest of 30% in the offshore block operated by ExxonMobil (35%).
The Canje Block is located in water depths of 1,700-3,000m.
In the Kanuku Block, Total will buy a stake of 25% under an agreement with operator Repsol and Tullow which will retain stakes of 37.5% each. The exploration block is contained in water depths of 70-100m.
In the Orinduik Block, which is also contained in water depths of 70-100m, Total holds an option to acquire a stake of 25% as per the terms of a deal made with an affiliate of Canada-based Eco Atlantic Oil & Gas. The Eco Atlantic affiliate will retain a 15% stake after exercising its option in the Orinduik Block, which is operated by Tullow with a stake of 60%.
In another development, Total has agreed to sell a stake of 25% in an exploration block offshore South Africa to Qatar Petroleum for an undisclosed price.
The transaction is for a block called 11B/12B contained in water depths of 200-1,800m, and located in the Outeniqua Basin. Total is the operator of the block and will retain a stake of 45% after completion of the transaction.
Image: Map showing the three offshore Guyanese blocks pursued by Total. Photo: courtesy of Total.
