Total has been awarded the Otway exploration license it applied for under the Chile Ministry of Mining's 2007 exploration licensing round.
Total will have a 100% interest in Otway Block. Covering an area of 5,965sq km, this block is located in the foothills domain of the Magallanes Basin, immediately west of Punta Arenas, and around 160km west of onshore installations of Total Austral in Tierra del Fuego (Argentina).
Under the terms of the contract, which should be signed in the coming months, Phase 1 of exploration will be launched in 2008 and will include 1,500sq km of 3D seismic acquisition, followed by the drilling of two wells.