French group Total buys stake in oil blocks in Mozambique owned by Malaysia’s Petronas

25 September 2012

The Total group has bought a 40 percent stake in oil blocks in Mozambique’s Rovuma Basin from Malaysian oil company Petronas, the French group announced Monday in Paris, which did not reveal the value of the deal.

Under the terms of the sales contract, the Total group will control 40 percent of sea blocks in Area 3 and Area 6, which cover an area of 9,500 square kilometres with depths of up to 2,500 metres and Petronas will continue to be the operating company.

In a statement, Jacques Marraud des Grottes, vice president in charge of exploration and production in Africa, said that the area covered by the two blocks had the potential to contain a quantity of oil equivalent to the natural gas already found in the northern region of the Rovuma basin.

The sale still needs to be approved by the Mozambican government. (macauhub)