Total takes stake in Australian oil venture

25th May 2006, Comments 0 comments

PARIS, May 24, 2006 (AFP) - French oil group Total said Wednesday it had signed two agreements covering its participation in four new deep-sea oil fields off the northwestern coast of Australia.

PARIS, May 24, 2006 (AFP) - French oil group Total said Wednesday it had signed two agreements covering its participation in four new deep-sea oil fields off the northwestern coast of Australia.

Under a deal with the Australian company BHP Billiton, Total will take a 25 percent interest in one exploration site. The Chinese oil firm CNOC will also have a 25 percent stake, while BHP Billiton — as project manager — will hold 50 percent.

Total also signed an agreement with BHP Billiton and US oil and gas group Kerr-McGee to acquire a 25 percent interest in three other sites, in which the CNOC will also have 25 percent.

The four sites are located 300 to 400 kilometers off the Australian coast at depths of between 1,000 and 3,000 meters.

Exploration is expected to begin in 2007.

Copyright AFP

Subject: French news

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