Total Gambles On Australian Oil

May 2006 | Company News Alert

French oil major Total recently acquired a 25% interest in four oil blocks offshore Australia's north-west coast, with exploration to begin next year in two different deals. The first deals gives Total a 25% stake in block WA-301 P, alongside operator BHP Billiton, a major domestic player, with a 50% stake and China National Offshore Oil (CNC) with the remaining 25% interest. The second deal gives Total a stake in three more fields, also alongside BHP and CNC. The deals ramp up Total's presence in the country, and follow closely on the heels of the award of two exploration permits

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