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TOTALFINA Acquires Stake in a Promising Deep Water Permit Offshore Surinam |
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| Aug. 24, 99 |
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TOTALFINA has acquired a 15% interest in a joint venture involved in deep water oil and gas exploration offshore Suriname. The joint venture includes four members: Burlington Resources Suriname Limited an affiliated company of Burlington Resources Inc. (35%), Shell EP Suriname B.V. (35%), Korea National Oil Corporation (15%) and TOTALFINA (15%). It is in charge of exploration 100 km offshore for a permit of one block, consisting of two areas, an "Inboard Area" and an "Outboard Area", under a production sharing agreement signed with Surinamese authorities on 23/08/1999.
Burlington is operator during the first phase of exploration. The Inboard area (covering 15,910 km2) is the closest to the coast at a water depth of 50 to 200 meters. The Outboard Area, which adjoins the Inboard Area and extends it northward at a maximum water depth of 2,500 meters, is the larger of the two areas (covering 32,698 km2).
A 2-D seismic survey will be launched shortly. If results are encouraging, it will be followed by a 3-D seismic survey and a drilling campaign possibly starting in 2000.
This acquisition of an interest in a permit offshore Suriname, a region considered highly promising, is in line with TOTALFINA's commitment to enlarge its reserve base by developing major positions in deep water offshore operations. |
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