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FRENCH oil giant Total plans to spend $20m to conduct exploration surveys on two offshore licence blocks in Bangladesh following a deal signed last week with Tullow Oil. The Irish oil and gas firm owned over 90% of the two offshore blocks where it has previously drilled one well which yielded no results.
Tullow has sold Total a 60% stake in the two blocks in return for the major committing to a sizeable spend on seismic surveys and exploratory drilling that could eventually locate proven reserves.
Tullow, which is listed in London, has been operating in Bangladesh since 1997 and has previously discovered onshore gas reserves.
The company's chief executive Aidan Heavey confirmed the deal last week and told the Sunday Tribune that the offshore blocks represented a high risk opportunity, but that an outlying island on one of the blocks had shown some promise in
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YOU ARE HERE: 19 March 2007 / tribune.ie / 2006 / 01 / 22
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