Total Farms into the Bemolanga Heavy Oil License in Madagascar

17/09/2008

News

September 17, 2008: Total announces that it has signed an agreement with Madagascar Oil S.A. to farm into the Bemolanga license with a 60% interest.

Located onshore in western Madagascar, the 6,500 square kilometres Bemolanga license was awarded to Madagascar Oil in 2004. The license contains heavy oil in place that has been evaluated at 10 billion barrels during earlier drilling operations and that can be developed using mining technology.

Following the transaction, Total will operate the license. During the initial appraisal phase, additional core drills will be drilled to determine the license’s potential. A production pilot will be set up in a second phase to confirm the development parameters before considering a large scale development of the license.

Taking advantage of experience acquired in Venezuela and in Canada where the Group already holds significant resources of heavy oil, Total is expanding its development strategy in this segment of the industry. Developing the heavy oil is essential to guarantee the supply to world markets within the next decade.

Total is already active in Madagascar in marketing, aviation fuel and petroleum product logistics.

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