Sinochem to buy Total's Cusiana, pipeline interests

By OGJ editors

Sinochem is buying Total SA’s Colombian subsidiary TEPMA BV, and the French company plans to maintain its exploration interests in Colombia.

The sale to Sinochem includes Total’s working interest in supergiant Cusiana field, producing 7,000 b/d of oil equivalent net to Total, and participations in the OAM and ODC pipelines. Relevant authorities must approve the sale, which is a continuation of Total’s asset optimization strategy.

Total said it will come away with $1 billion from the sale to Sinochem and the mid-2011 divestitures of a 5% working interest in the Ocensa pipeline to Petrominerales and another 5% to CEPSA. Total still holds a 5.2% share in Ocensa.

Total plans to maintain its exploration interests in Colombia. It holds 55% interest in the Mundo Nuevo block and 50% in the Niscota block to the south, where the Huron-2 appraisal well is being drilled and Huron-3 is to spud later in 2012.

At Niscota, a group led by operator Hocol SA drilled a “significant gas-condensate field discovery” at Huron-1 in early 2009. Huron-1, in a heavily faulted area of the Andes foothills 300 km northeast of Bogota in the Llanos basin, encountered several reservoirs, one of which was tested at 3,400 b/d of condensate. Gas volume was not disclosed.

Related Articles

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

Industry group welcomes most UK budget moves

03/21/2014 Oil & Gas UK voiced support for all but one of several measures affecting the offshore producing industry announced in the UK government’s annu...

MARKET WATCH: Crude oil, gas futures prices slide entering spring

03/21/2014

The first day of spring in the northern hemisphere was marked by lower crude oil and natural gas futures prices.

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected