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Total wades into Mozambique's waters

Sept. 25, 2012 at 6:30 AM   |   Comments

PARIS, Sept. 25 (UPI) -- French supermajor Total announced it signed a deal to acquire a minority stake in production blocks off the coast of Mozambique.

Total announced it signed a deal with Malaysia's state-owned Petronas to take on a 40 percent stake in two blocks in the Rovuma basin off the coast of Mozambique.

Energy majors have flocked to Mozambique to tap into the country's oil and natural gas riches.

Italian energy company Eni said in August it encountered a gas pay that it said adds at least 10 trillion cubic feet to gas in place. In May, Eni announced its Coral 1 exploration prospect, in deep waters off Mozambique, contained 7 trillion-10 trillion cubic feet of natural gas.

"The farm-in significantly strengthens our long-term presence in exploration and production in East Africa," said Jacques Marraud des Grottes, a vice president for Total's exploration and production in Africa, in a statement.

The company said it was to drill an exploration well by the end of the year.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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