TOTALFINA has purchased a 15% interest from Shell in two deepwater exploration blocks offshore Congo known as MPS (Mer Profonde Sud) and MPN (Mer Profonde Nord).

TOTALFINA's partners on MPS are Elf Aquitaine (operator with a 40% interest), Esso (30%) and Shell (15%). On MPN, the Group is working with Esso (operator with a 35% interest), Agip (20%), Elf (15%) and Shell (15%).

MPS and MPN cover around 3,500 and 3,800 square kilometers, respectively, at water depths of between 1,000 and 2,000 meters. The blocks are located in the Lower Congo oil basin, approximately 120 kilometers from the Congo coast.

A campaign including 2D and 3D seismic surveys has been completed on MPS and two exploration wells are scheduled for drilling in the first half of 2000. A 3D seismic survey has also been conducted on MPN and an exploration well should be drilled by the end of 2000.

These two new acquisitions fit in with TOTALFINA's deepwater offshore development strategy, and particularly its focus on the Gulf of Guinea, which is one of the world's most promising oil regions. With this move, the Group has strengthened its deepwater offshore position in the area. It already works in Angola with a 20% interest on block 14 near MPS and a 5% interest on block 17 (operated by Elf with a 35% interest), in Gabon as operator, with a 28% interest, of the Astrid block and the Anton block adjacent to MPN, and in Nigeria on OPL 246.

TOTALFINA owns 94.93% of Elf Aquitaine as of October 28, 1999. The two companies are awaiting approval from the European Commission to finalize their merger. A decision is expected in mid-February 2000.