Total Makes Significant Oil Find

Total (NYSE: TOT) has announced that it and Apache Corporation (Nasdaq: APA) have made a “significant” new oil and gas discovery at the Keskesi East-1 well in Block 58 off the coast of Suriname.

The well was drilled at a water depth of about 2,380 feet and was said to have encountered a total of 206 feet of hydrocarbons, comprising 190 feet net of black oil, volatile oil, and gas pay in good quality Campano-Maastrichtian reservoirs, and 16 feet of net volatile oil pay in Santonian reservoirs.

Drilling is still ongoing for deeper Neocomian aged targets, Total revealed. The company’s latest find follows previous discoveries at Maka Central, announced in January last year, Sapakara West, announced in April last year, and Kwaskwasi, announced in July last year, Total highlighted.

“We are delighted to announce this new discovery, which confirms this first exploration campaign as a full success and adds to the proven resource base” Kevin McLachlan, the senior vice president of exploration at Total, said in a company statement.

“We are also excited, as new operator of the block, to start the appraisal operations designed to characterize the 2020 discoveries, while in parallel start a second exploration campaign on this prolific block in 2021,” he added.

Commenting on the find, John Christmann, Apache’s chief executive officer and president, said, “we are very pleased to announce our fourth consecutive discovery in Block 58 at Keskesi, which confirms oil in the eastern portion of the block”.

“We are excited to commence the appraisal program on our initial discoveries and extend our Block 58 exploration program to the north in 2021,” he added.

Pursuant to the terms of its joint venture agreement, Apache transferred operatorship of Block 58 to Total S.A. on Jan. 1, 2021. Back in December 2019, Total announced that it had signed an agreement with Apache to acquire a 50 percent working interest and operatorship in the “highly prospective Block 58 offshore Suriname”.

In addition to its discoveries offshore Suriname, Total has also made notable finds in other areas of the globe recently. At the end of October last year, for example, the company announced a significant gas condensate discovery on the Luiperd prospect, which is located on Block 11B/12B in the Outeniqua Basin off the southern coast of South Africa. Total also made a gas discovery with the Bashrush well on the North El Hammad license in July 2020 and a gas and condensate discovery in the North Sea in March 2020.

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