French oil major Total announced Friday that its subsidiary, TOTAL E&P U.S.A. signed an agreement with Chevron on exploration in the deepwater Gulf of Mexico.
The deal aims to capture seven prospects operated by Chevron in the deepwater Gulf of Mexico (GoM), covering 16 blocks.
According to the agreement, Total's participation in these wells will be between 25 percent and 40 percent.
"Total [the company] values Chevron's performance as a GoM deepwater company and this agreement expands a successful co-ownership already in place on the Tahiti field," Arnaud Breuillac, president of exploration and production was quoted as saying. "As a continued effort to upgrade its portfolio, Total won six offshore exploration licenses in the August lease sale."
Total has been active in exploration and production in the U.S. since 1957, and has participated in over 160 exploration leases.
By Huseyin Erdogan
Anadolu Agency
energy@aa.com.tr
