Total wins bid for oil exploration rights in US

24th August 2006, Comments 0 comments

PARIS, Aug 24, 2006 (AFP) - French oil group Total said Thursday that it had made the highest offer for 20 deepwater exploration blocks in US waters in the Gulf of Mexico and would win the tender.

PARIS, Aug 24, 2006 (AFP) - French oil group Total said Thursday that it had made the highest offer for 20 deepwater exploration blocks in US waters in the Gulf of Mexico and would win the tender.

The bids, for 100-percent ownership of rights to the areas, now require the approval of the US authorities, namely the Minerals Management Service.

Total said it considered the blocks, each covering 5,760 acres (2,304 hectares), to have "high long-term potential", but did not disclose financial details.

"Total announces that its wholly-owned subsidiary, Total E&P USA, was the highest bidder for 20 deepwater exploration blocks in the western Gulf of Mexico Lease Sale 200.

"Total E&P USA will operate these blocks with a 100-percent working interest."

Copyright AFP

Subject: French news

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