TOTAL FINA S.A.
24 August 1999
TOTALFINA Acquires Stake in a Promising Deep Water Permit Offshore Surinam
TOTALFINA has acquired a 15% interest in a joint venture involved in deep water
oil and gas exploration offshore Suriname. The joint venture includes four
members: Burlington Resources Suriname Limited an affiliated company of
Burlington Resources Inc. (35%), Shell EP Suriname B.V. (35%), Korea National
Oil Corporation (15%) and TOTALFINA (15%). It is in charge of exploration 100
km offshore for a permit of one block, consisting of two areas, an 'Inboard
Area' and an 'Outboard Area', under a production sharing agreement signed with
Surinamese authorities on 23/08/1999.
Burlington is operator during the first phase of exploration. The Inboard area
(covering 15,910 km2) is the closest to the coast at a water depth of 50 to 200
meters. The Outboard Area, which adjoins the Inboard Area and extends it
northward at a maximum water depth of 2,500 meters, is the larger of the two
areas (covering 32,698 km2).
A 2-D seismic survey will be launched shortly. If results are encouraging, it
will be followed by a 3-D seismic survey and a drilling campaign possibly
starting in 2000.
This acquisition of an interest in a permit offshore Suriname, a region
considered highly promising, is in line with TOTALFINA'S commitment to enlarge
its reserve base by developing major positions in deep water offshore
operations.
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