French supermajor Total places bet on offshore Guinea

10 Oct 2017   Guinea

French energy company Total said Monday it was expecting a big oil pay off from the under-explored deep waters off the coast of the Republic of Guinea. The company signed an evaluation agreement with the National Office of Petroleum of Guinea for deep and “ultra-deep” areas off the Guinean coast. “By taking this position on a new under-explored area, Total pursues its exploration strategy targeting deep offshore prospective basins,” Kevin McLachlan, a senior vice president for exploration and production at Total, said in a statement . “Therefore, Total has the opportunity to evaluate a very large area, located in an extension of the prolific Mauritania-Senegal basin where we already are.” Companies like Australia’s FAR Ltd. […]

Total to Map Guinea Oil Blocks with Option to Acquire Three

7 Oct 2017   Guinea

French oil giant Total signed an agreement on Friday with Guinea’s national oil company ONAP to carry out seismic mapping of deep and ultra-deep offshore blocks with an option to acquire three of them, a statement said. Total’s interest in Guinea expands on an already aggressive strategy in the deep waters offshore West Africa, though the deal appears less binding than those signed this year in Mauritania and Senegal where it bought stakes in blocks. The company will have one year to carry out a first evaluation of the blocks and will share the results with ONAP. “At the end of this period, the group will have the possibility of subscribing to three blocks for an exploration programme in conformity with […]