–in budding local oil & gas industry

FRENCH oil firm, Total has bought stakes in several oil production blocks here, thereby making its presence felt in the potentially lucrative Guyana basin, a Reuters report stated on Monday.

According to the report, Total said it was buying a 35 per cent working interest in the Canje Block, in an agreement signed with an affiliate of Canadian company, JHI Associates Inc. and Guyana-based Mid-Atlantic Oil & Gas Inc.

These two companies will retain a shared 30 per cent interest alongside operator ExxonMobil, which has a 35 per cent stake.

According to the report, Total has also bought a 25 per cent working interest stake in the Kanuku Block, in an agreement with Repsol and Tullow Oil. Repsol and Tullow each have stakes of 37.5 per cent in that block.

Total is quoted as saying too that it had an option to buy a 25 per cent working interest in the Orinduik Block, in an agreement with Canadian company, Eco Atlantic Oil & Gas Ltd, which will retain a 15 per cent interest following exercise of the option, alongside Tullow Oil which has 60 per cent.

Late last month, Minister of Natural Resources, Raphael Trotman told the media at a press briefing that several oil firms, including Total; California-based Chevron; Brazil’s Petrobas; and Italy’s E&I have all signalled an interest in Guyana’s petroleum sector.