72973
Total won six offshore exploration licenses for the Gulf of Mexico in August.
Total won six offshore exploration licenses for the Gulf of Mexico in August.

Total Joins Chevron in Gulf of Mexico Development

Total Joins Chevron in Gulf of Mexico Development

French Total has expanded its presence in the Gulf of Mexico by closing a farm-in agreement with Chevron for the development of seven prospects covering 16 blocks in the deepwater section of the gulf.  The French company said the prospects it will develop are located in the Wilcox play in the central Gulf of Mexico, next to the Anchor discovery, and in the Norphlet area, close to the Appomattox discovery, Oil Price reported.
Total will take stakes of between 25-40% in the prospects, to add to its already existing interests in producing fields in the GOM: a 17-% stake in the Tahiti field, whose operator is again Chevron, and a 33.33% interest in the Chinook field, operated by Brazil’s Petrobras. The French major also holds 40% in the North Platte field, operated by Cobalt Energy.French Total has expanded its presence in the Gulf of Mexico by closing a farm-in agreement
"Separately, Total won six offshore exploration licenses for the Gulf of Mexico in the latest lease sale that took place in August," President of Total Exploration & Production Arnaud Breuillac said in the press release on the new partnership.
This means that to date, after the acquisition of Maersk Oil, which also has assets in the Gulf of Mexico, Total has access to more than 160 exploration licenses off the US Gulf coast.
Onshore, the French company bought all of Chesapeake Energy’s assets in the Barnett shale and holds a 25% stake in Chesapeake’s and EnerVest joint venture in the Utica play.
Total has managed to weather the effects of the 2014 price crash more quickly than some peers, not least thanks to massive layoffs and is now on an expansion path, which involves not just new oil and gas projects spanning from the US to Iran and Qatar, but also in renewables as the company shifts toward a cleaner energy direction, following global energy trends.
Total’s daily crude oil and condensate production last year averaged 1.27 million barrels and refining throughput stood at 1.965 million barrels daily.

Short URL : https://goo.gl/NxzFLJ
  1. https://goo.gl/HvPkpQ
  • https://goo.gl/Lh9GKq
  • https://goo.gl/2qVjbX
  • https://goo.gl/buwkgS
  • https://goo.gl/Kq7Jc8

You can also read ...

China Starts World's Biggest Floating Solar Power Project
A unit of China Three Gorges Corp. is building a floating...
Iran has estimated investment requirements in its petroleum projects at $200 billion.
Iran's state oil company is lining up a spate of subcontracts...
UN-Habitat Signs MoU on Tehran Water Management
The United Nations Habitat Office in Tehran signed a...
Investment in the energy sector should be focused on the completion of value chain.
The parliament is ready to back new investments that would...
Indian Ban on Petcoke Imports Will Hurt US
India’s government is in favor of banning the import of...
Iraq Boosts Kirkuk Refinery Output
Iraq’s Oil Ministry has added a new processing unit to the...
Brent, WTI Prices Stable
Oil markets were stable on Monday as ongoing output cuts led...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus