Total Enters Suriname With 50% Interest in Offshore Block
December 23 2019 - 3:07AM
Dow Jones News
By Cristina Roca
Total SA (FP.FR) said Monday that it has signed an agreement
with Apache Corp. (APA) to buy a 50% working interest and
operatorship in a block offshore Suriname.
The French energy major will enter Suriname with the purchase of
the stake in Block 58, for which it will pay a bonus of $100
million plus its share of past costs, it said.
"Total will provide a reimbursable carry for a share of Apache's
capital expenditure for the development phase and make some
additional payments linked to the development and production," the
company said.
Cost of carry and payments would represent an acquisition cost
of around $2 a barrel, Total said.
Write to Cristina Roca at cristina.roca@dowjones.com
(END) Dow Jones Newswires
December 23, 2019 02:52 ET (07:52 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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