OIL

Total takes stakes in Australian deepwater blocks

FRENCH oil and gas giant, Total SA, has signed two agreements to participate in exploration of tw...

In WA-269-P, Total is taking a 30% interest from operator Woodside Petroleum. The other joint venture partner is Japan Australia LNG (MIMI) Pty Ltd, which holds a 20% interest. The permit is 150km offshore in water 300-1500 metres deep.

Total could, under certain conditions, obtain an additional 10% stake in the block.

In WA-297-P, Total has signed an agreement with Woodside, BHP Billiton, and Japan Australia LNG (MIMI) Pty Ltd to take a 50% stake. This block lies 200km offshore in water depths of 1000-2000 deep.

Exploration programs are planned for both blocks this year.

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