Total buys into Sinopec exploration stake

06 December 2007
France’s Total has acquired a 40 per cent stake in two onshore blocks run by China’s Sinopec.

Block 69, covering 1,324 square kilometres is in the Shabwah basin while block 71 covering 1,821 square kilometres in the Masilah basin. The two blocks had been held by Sinopec in partnership with state-owned Yemen General Corporation for Oil and Gas (YOGC) since 2005.

Along with Total’s interest, Sinopec holds a 45.5 per cent stake with YOGC and the Arabian Group of Companies holding a 10 per cent and 4.5 per cent equity interest respectively. 2D seismic has been shot on both blocks and a well is being drilled in Block 69.

Total reported equity production of 9,000 barrels of oil equivalent a day in 2006 from Yemen and operates approximately 12 per cent of the country’s production.

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