Total (Paris:FP) (LSE:TTA) (NYSE:TOT) announced that it had signed an agreement
with Kulob Petroleum, a subsidiary of Tethys Petroleum, to farm into the Bokhtar
PSC Area in Tajikistan with a 33.335% interest. Under the agreement, signed
jointly with state-owned CNODC (a subsidiary of CNPC) of China, Total and CNODC
will each hold a 33.335% interest in the PSC, while Kulob will retain a 33.33%
stake. The agreement is subject to the approval of the Tajikistan government.
The Bokhtar PSC covers an area of 35,000 square kilometers at the eastern end of
the prolific Amu Darya Basin. A number of giant gas discoveries have already
been made in the basin`s Jurassic carbonate reservoirs.
On completion of the transaction, Total will acquire an interest in the
Tajikistani sector of the Amu Darya Basin, it will be partnered with CNPC.
Operations will be conducted jointly, through an operating company. Tethys has
already acquired seismic data with the intention of identifying the location of
the first exploration well by end-2014.
"This acquisition is aligned with our bolder exploration strategy and positions
Total in one of the world`s most prolific gas basins," said Michael Borrell,
Senior Vice President, Continental Europe and Central Asia, Total Exploration &
Production."The partnership between Total, CNPC and Tethys is particularly well
equipped to conduct successful exploration and potentially develop a
Total Exploration & Production in Central Asia
Total has actively expanded its operations in Central Asia since the early
1990s, until now focusing primarily on the Caspian Sea.
The Group has been present in Kazakhstan since 1992 and owns 16.8% interest in
the North Caspian PSC, which contains the giant Kashagan field. Operated by the
joint North Caspian Operating Company (NCOC), the Kashagan field is scheduled to
come on stream in 2013. In early November 2012, Total acquired a 75% interest in
the onshore Nurmunai North and South exploration blocks. It has also partnered
with state-owned KazMunaiGaz (KMG) to develop the Khvalynskoye field in the
Caspian Sea on the border between Russia and Kazakhstan.
The Group has been present in Azerbaijan since 1996 with a 10% interest in the
Shah Deniz field in the Caspian Sea. It has also held a 40% interest in the
Absheron license in the Caspian Sea, where a significant discovery has been
made, since February 2009. A notice of discovery and commerciality for the find
was submitted on June 1, 2012.
Total is one of the largest integrated oil and gas companies in the world, with
activities in more than 130 countries. The Group is also a first rank player in
chemicals. Its 96,000 employees put their expertise to work in every part of the
industry - exploration and production of oil and natural gas, refining and
marketing, new energies, trading, and chemicals. Total is working to help
satisfy the global demand for energy, both today and tomorrow. www.total.com
Tel. : (33) 1 47 44 58 53
Fax : (33) 1 47 44 58 24
Robert HAMMOND (U.S.)
Tel. : (1) 713-483-5070
Fax : (1) 713-483-5629
Copyright Business Wire 2012