Total S.A. Total Strengthens Its Presence in Natural Gas in Oman

 
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Total (Paris:FP) (LSE:TTA) (NYSE:TOT) and the Ministry of Oil and Gas of the Sultanate of Oman (MOG) have signed a Heads of Agreement (HoA) for the award to Total of an exploration license on Block 12 with significant prospective gas resources.

Under the terms of this HoA, both parties will finalize in the coming months, on an exclusive basis, a definitive agreement that will grant to Total 100% working interest and operatorship of the exploration block 12, located in Central Oman.

This new agreement was signed after Total, the Ministry of Oil and Gas and Oman Oil Company (OOC) reached a new milestone to implement their integrated gas project, which entails developing the gas resources of the Greater Barik area (Blocks 10 and 11), as well as building and operating a liquefaction plant to offer a bunkering service and supply Liquefied Natural Gas as a fuel to marine vessels.

"Having been present in Oman for more than 80 years mostly in the oil sector, Total is pleased to have the opportunity to bring its expertise in the natural gas value chain to the Sultanate of Oman. After the agreement reached on the integrated gas project of the Greater Barik area, the entry into exploration Block 12 represents a new exploration opportunity to unlock additional gas potential and to contribute to income growth and job creation in the country," stated Patrick Pouyanné, Chairman and CEO of Total.

Spread over 10,000 km2, Block 12 is located onshore, in the northern part of Block 6 and to the south of the Greater Barik area (including Mabrouk North East and Mabrouk West fields).

Total's exploration program on the block will comprise seismic acquisition and drilling commitments, with the drilling of a first well in 2020.

Total in Oman

In Oman, Total's SEC production was 38,000 barrels of oil equivalent per day in 2018. Total holds 4% interest in the onshore Block 6 (operated by Petroleum Development Oman), as well as in the Oman LNG (5.54%) and Qalhat LNG (2.04%).

About Total

Total is a major energy player, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

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Cautionary note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms "Total" and "Total Group" are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words "we", "us" and "our" may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

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(END) Dow Jones Newswires

April 08, 2019 12:02 ET (16:02 GMT)