|
|
|
 |
|
|
|
|
|
|
 |
USA : TOTAL Sells Upstream Assets, Refocusing Strategy on Deep-water Operations in the Gulf of Mexico |
|
|
| Sep. 15, 98 |
|
|
|
|
|
|
|
|
TOTAL has signed an agreement to sell its TOTAL Minatome Corporation (TMC) subsidiary to North American-based Energen Resources Corporation in association with Westport Oil and Gas Company, Inc. TMC's assets consist of exploration and production properties, located principally onshore in Louisiana, and offshore in the shallow waters of the Gulf of Mexico. With proved reserves of 38.5 million barrels of oil equivalent (boe) booked as of 31/12/97, TMC's assets represent less than one percent of the Group's worldwide reserves.
The total consideration to be received by TOTAL in the transaction will be approximately 192 million dollars.
Since the early 1990's, TOTAL has been pursuing a strategy of rapid development of its upstream activities in those principal oil-producing regions of the world which are characterized by high growth potential and low technical costs. At the same time, TOTAL has been disposing of assets that do not contribute significantly to the growth of its reserves. The sale of TMC is consistent with this strategy and follows the Group's withdrawal from exploration and production activities in Cameroon, France and Canada.
In the United States, TOTAL, through its TOTAL Exploration Production USA (TEP USA) subsidiary, is now refocusing its exploration activities on deep-water operations in the Gulf of Mexico, where its lease position currently includes shares in 16 blocks, located in waters ranging in depth from 800 to 3,000 meters. 3 wells are scheduled to be drilled on these blocks by the end of the year.
Lastly, TEP USA, as operator, was high bidder on 5 additional blocks located in the western part of the Gulf at an average water depth of 1,000 meters. The award of these blocks, which is subject to final approval by the US administration, would increase to 21 the number of blocks held by TOTAL in this promising region. |
|
|
|
|
|
|
|
|
|
