Total acquires stake in Yemen block from KNOC

Total SA has agreed to acquire a 30.875% interest from Korea National Oil Corp., the operator, in Yemeni Block 70 where a well is being drilled.

Oct. 17, 2008

By OGJ editors
HOUSTON, Oct. 17 -- Total SA has agreed to acquire a 30.875% interest from Korea National Oil Corp., the operator, in Yemeni Block 70 where a well is being drilled.

Yemen's Ministry of Oil and Minerals approved. Total has had a presence in Yemen for more than 20 years.

Block 70 covers 1,367 sq km in the southeastern part of central Yemen's Marib basin.

KNOC will retain 30.875% in Block 70. Partners are Samsung Corp. with 19% interest, Daesung Industrial Co. Ltd. 14.25% interest, and Yemen General Corp. for Oil and Gas 5% interest.