Friday, December 2, 2022

TotalEnergies acquires stake in onshore block on Arabian Peninsula

Must Read

OilNOW
OilNOW is an online-based Information and Resource Centre

TotalEnergies said it acquired a 22.5% stake in the onshore Block 11 from the Ministry of Energy and Minerals of the Sultanate of Oman.

The major and its partners, OQ and Shell, signed an Exploration and Production Sharing Agreement (EPSA), for which, the first stage of activities includes seismic acquisition in late 2022 and an exploration well to be drilled in 2023.

TotalEnergies said Block 11 contains undeveloped discoveries and exploration potential.

Laurent Vivier, Senior Vice President Middle East and North Africa, Exploration and Production, at TotalEnergies said “Our recent activities in Oman are a demonstration of TotalEnergies’ strategy of transformation into a multi-energy company. Today’s entry into the Block 11 gives us the opportunity to unlock additional potential to meet domestic and export gas demand. It strengthens our strategic relationship with the Sultanate of Oman, as illustrated last December by our entry into the neighbouring Block 10 gas concession, and the start of construction last July of 17-megawatt-peak solar photovoltaic systems providing power to a desalination plant.”

TotalEnergies, Eni announce significant gas discovery off Cyprus | OilNOW

Oman’s Energy Minister, Salim Al Aufi, said the Ministry places continuous focus on enhancing the gas reserves of the Sultanate through exploration and appraisal activities undertaken by companies in the country. He said this agreement will help to strengthen Oman’s energy security and attract more foreign investment.

TotalEnergies will hold a 22.5% interest in the block, OQ 10% and Shell with 67.5% will be the operator.

TotalEnergies said its production in Oman in 2021 was 39,000 barrels of oil equivalent per day. It produces oil and liquefied natural gas (LNG).

TotalEnergies currently has a 35% working interest in Guyana’s offshore Canje block alongside JHI Associates, Inc. (17.5%), Mid-Atlantic Oil & Gas, Inc. (12.5%), and operator ExxonMobil (35%). It is also in a joint venture with Qatar Petroleum called TOQAP, which has a 25% stake in the Kanuku Block and a 25% stake in the Orinduik Block.

spot_img

Latest News

Hess first oil company to enter three-quarter billion USD carbon credits deal with Guyana

Stabroek Block stakeholder, Hess Corporation, has committed to purchasing US$750 million in carbon credits from Guyana, kicking off a...

More Articles Like This

spot_img