Total wins 10 exploration licenses in Brazil

5/17/2013

Total wins 10 exploration licenses in Brazil

BY GERALDINE AMIEL

PARIS -- Total said it was awarded ten exploration licenses on several blocks in Brazil, during the country's 11th oil and gas exploration auctions.

The announcement is consistent with the group's strategy of looking for oil and gas in risky areas such as deep offshore sites, as in Brazil. The oil major is engaged in a world race to find new oil and gas reserves to address the increasing demand in emerging markets.

Total has expanded its prospecting and operating acreage in the country, which was one of our main objectives in 2013 Total's SVP for exploration Marc Blaizot said in a statement.

Total will hold a 40% interest in five blocks located in the Foz de Amazonas basin, and a 45% in one block in the Ceara basin. It will be the operator for the six blocks.

In addition, Total has acquired a 25% working interest in three blocks in the Espirito Santo basin and a 50% interest in one block in the Barreinrinhas basin.

The acquisitions will "bolster our solid portfolio of prime assets on both sides of the Atlantic, in Africa and the Americas" Mr. Blaizot also said.

So far in Brazil, Total was operating the Xerelete offhsore field where it is conducting exploration drilling. It also holds a 20% interest in the block BM-S-54, where a discovery is being appraised.

Dow Jones Newswires

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