Total acquires 75% interest in Block SC56 offshore Philippines
BY GERALDINE AMIEL
PARIS--Total thursday said it acquired a 75% interest in the offshore block SC56 in the Sulu Sea, off the coasts of the Philippines from Mitra, which will retain a 25% stake. The group didn't disclose the financial details of the transaction.
The block covers an area of around 4,300 sq km in water depths ranging from 200 to 3,000 meters. A new exploration phase will start on 1st September and Mitra will initially operate the seismic works, after which the operatorship will be transferred to Total for the drilling works.
Dow Jones Newswires