In a key breakthrough witnessed across the oil & gas sector, Total S.A. has declared its decision to purchase a 35% stake in the Canje Block, one of the offshore Guyana oil production blocks located at a depth of 1700-3000 meters in Guyana basin, from an affiliate of JHI Associates Incorporation and Mid-Atlantic Oil & Gas Inc. Experts are of the view that the deal was signed by Total to expand its business across the lucrative Guyana oil basin. Mid-Atlantic and partner of JHI Associates are also expected to retain their 30% stake along with ExxonMobil, which has a 35% share in the Canje block of the basin.
In another deal, Total has also purchased a 25% working interest share across the Kanuku block, located at depth of 70-100 meters in the Guyana basin, from Tullow Oil & Repsol. Records cite that both Tullow and Repsol each have 37.5% share in the Kanuku oil block.
The France based oil & energy group has also stated that it has an alternative to purchase a 25% working interest stake in the Orinduik block of Guyana oil basin from the Canada based firm Eco Atlantic oil & gas Limited. As per reports, if Total uses its option to purchase one fourth of the shares of the block, then Eco Atlantic can lay a claim for a 15% stake in the Orinduik block along with 60% of stakes to be claimed by Tullow Oil.
Industry analysts claim that with the acquisition of interests in the offshore Canje & Kanuku blocks and the proposed signing of an option deal for Orinduik block, Total S.A. is likely to hold exploration licenses to oil fields encompassing an area of more than 12,000 sq. km across the Guyana oil basin. The strategic move is certain to create lucrative business growth prospects for the firm in the near future, they further state.