06/30/2011 - News

Total has acquired a 20% interest from Shell in the BM-S-54 license in the Santos Basin. Shell holds the remaining 80% and retains operatorship. This acquisition is subject to approval by the Brazilian authorities.

The offshore block, located about 200 kilometers south of Rio de Janeiro, covers an area of 700 square kilometers in water depth of approximately 2,000 meters.

The acquisition is part of Total’s strategy to increase its presence in exploration and production activities in Brazil. “This stake in a block close to the very prolific block BM-S-11, where the Tupi, Iara and Iracema oil fields were discovered, will enable Total to participate in the promising exploration of the pre-salt area of the Santos Basin,” stated Marc Blaizot, Senior Vice President, Geosciences at Total Exploration & Production.

Exploration drilling is planned for later this year, subject to approval by the National Agency of Petroleum (ANP) and The Brazilian Institute of the Environment and Renewable Natural Resources (IBAMA).