Total acquiring interest in deepwater exploration block off Indonesia

Total SA signed an agreement with Santos Ltd. to acquire a 39.9% interest in a deepwater exploration block north of Bali, Indonesia. Total has an option to obtain another 10.1% interest, subject to certain conditions.

Aug. 12, 2004

By OGJ editors
HOUSTON, Aug. 12 -- Total SA signed an agreement with Santos Ltd. to acquire a 39.9% interest in a deepwater exploration block north of Bali, Indonesia. Total has an option to obtain another 10.1% interest, subject to certain conditions.

The block is in water depths of 100-970 m in the 3,450-sq-km North Bali 1 production sharing contract that the Indonesian government awarded to Santos (North Bali I) Pty. Ltd, in October 2003.

Total E&P North Bali I is slated to become the operator after the first exploration period. A well is slated to be drilled by Dec. 31 based upon results of a 2D seismic survey that was completed in January.