Total Signs Agreement with Chevron on Exploration in Deepwater Gulf of Mexico
September 22 2017 - 3:10AM
Business Wire
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) announces that its
subsidiary, TOTAL E&P USA, INC. (“Total”), has entered into an
agreement to capture 7 prospects operated by CHEVRON U.S.A. INC.
(“Chevron”) in the deepwater Gulf of Mexico. The agreement covers
16 blocks.
The associated prospects are located in two promising plays and
areas of the GoM: Wilcox in Central GoM next to the Anchor
discovery, and Norphlet in Eastern GoM nearby to the Appomattox
discovery. Total’s participation in these wells will be between 25%
and 40%. The first of these wells was spudded late July on the
Ballymore prospect in Mississippi Canyon.
“This agreement, together with the recently announced
participation in the Jack field as part of the Maersk Oil
acquisition, increases Total’s footprint in the USA GoM where it
can apply its exploration expertise and deepwater technologies.
Total values Chevron’s performance as a GoM deepwater company and
this agreement expands a successful co-ownership already in place
on the Tahiti field”, stated Arnaud Breuillac, President
Exploration & Production. “As a continued effort to highgrade
its portfolio, Total won six offshore exploration licenses in the
August Lease Sale.”
Total Exploration & Production in the United
States
Total has been active in Exploration & Production in the
United States since 1957.
In the Gulf of Mexico, Total focuses on the deepwater with a
participation in two producing fields, Tahiti with 17%, operated by
Chevron, and Chinook with 33.33%, operated by Petrobras, as well as
in the world-class discovery of North Platte with 40%, operated by
Cobalt International. As part of the acquisition of Maersk Oil
company, Total will also become a 25% partner in the Chevron
operated Jack field. Total also has a participation in over 160
exploration leases.
Onshore, Total owns and operates 100% of the former Chesapeake
properties in the Barnett and is a 25% participant in the Utica
field.
About Total
Total is a global integrated energy producer and provider, a
leading international oil and gas company, a major player in
low-carbon energies. Our 98,000 employees are committed to better
energy that is safer, cleaner, more efficient, more innovative and
accessible to as many people as possible. As a responsible
corporate citizen, we focus on ensuring that our operations in more
than 130 countries worldwide consistently deliver economic, social
and environmental benefits.
* * * * *
Cautionary note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms “Total” and “Total Group”
are sometimes used for convenience where general references are
made to TOTAL S.A. and/or its subsidiaries. Likewise, the words
“we”, “us” and “our” may also be used to refer to subsidiaries in
general or to those who work for them.
This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL S.A. nor any of
its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
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