Total buys 40% stake in Mozambique production sharing contract from Petronas

9/24/2012

Total buys 40% stake in Mozambique production sharing contract from Petronas

BY INTI LANDAURO

PARIS -- Total agreed to buy a 40% stake in a production sharing contract in a field offshore Mozambique from Petronas for an undisclosed sum.

Petronas will continue to operate the field, located in the Rovuma basin.

The area may have the potential for the oil equal to the gas potential of the northern part of the basin, said Jacques Marraud des Grottes, Total's vice president for exploration and production in Africa, in a statement. The transaction still requires the approval of the Mozambique government.

Dow Jones Newswires

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