Offshore staff
PARIS – Total E&P Philippines has agreed to farm into 75% of offshore block SC56 in the Sulu Sea, held by Kuala Lumpur-based Mitra Energy (Philippines SC-56).
The block covers an area of roughly 4,300 sq km (1,660 sq mi), in water depths ranging from 200-3,000 m (656-9,842 ft). Mitra will retain a 25% interest in SC56.
A new exploration phase will start on Sept. 1, with Mitra initially operating a program that will include re-processing of existing seismic data and 3D acquisition of an additional 500 sq km (193 sq mi). Operatorship will transfer to Total for drilling operations.
The transaction remains subject to approval by the authorities of the Republic of Philippines.
8/23/2012
