Total S.A.
10 May 2005
Canada : Total Increases its share in the Surmont oil sands
leases to 50 %
Paris, May 10, 2005 - Total announces the purchase of an additional 6.5% stake
in the Canadian Surmont leases. With the completion of this transaction Total
will have a 50% stake alongside ConocoPhillips (operator). The Surmont oil sands
project is in the Athabasca oil sands area, 60 kilometres southeast of Fort
McMurray, Alberta, Canada.
The first phase of production will start in 2006 and reach 27,000 barrels per
day of bitumen. This represents an important milestone in the development of the
totality of Surmont reserves. Phase 2, which would involve the expansion of
plateau production to 100,000 barrels per day by 2012, has been approved by the
authorities of Alberta and is currently under study Further phases are targeted
to take the production to a significantly higher level, depending on the results
of the ongoing appraisal of the leases.
The Surmont oil sands project uses Steam Assisted Gravity Drainage (SAGD), a
method that involves the injection of steam deep into the oil sands. The steam
melts the bitumen, which is then recovered in its liquid state and pumped to the
surface for further processing.
Total has extensive experience in producing heavy oils, notably in Venezuela
where it is the majority shareholder in the Sincor project operating company,
one of the largest extra-heavy oil recovery projects in the world. Innovative
production technologies acquired through extensive research and development will
allow Total to significantly expand its activities in Canada.
* * * * *
Total is the fourth largest oil and gas company in the world with operations in
more than 130 countries. Total's activities cover the whole energy chain of the
petroleum industry: exploration, oil and gas production, refining and marketing,
trading and power generation. The Group is also a major player in chemicals.
Total has more than 111,000 employees worldwide. More information can be found
on the company's website: www.total.com
This information is provided by RNS
The company news service from the London Stock Exchange
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