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Total buys interests in 2 South American blocks, sells stake in South Africa

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Total buys interests in 2 South American blocks, sells stake in South Africa

French oil and natural gas company Total SA has inked deals to purchase interests in two licenses offshore Guyana in South America, including the Canje and the Kanuku Blocks.

"Acquiring interests in these highly prospective licenses is in line with the new exploration strategy in place since 2015," Arnaud Breuillac, president of exploration & production at Total, said in a Feb. 5 news release.

Total will acquire a 35% working interest in the Canje Block from Canadian company JHI Associates Inc. and Guyana-based Mid-Atlantic Oil & Gas Inc. These two companies will retain a shared 30% interest, while operator Exxon Mobil Corp. will hold a 35%.

Total will also buy a 25% working stake in the Kanuku Block. Repsol SA will hold a 37.5% interest, while Tullow Oil plc will hold a 37.5% stake in that block.

These deals follow an agreement inked by Total in September 2017 that gives the company the option to purchase a 25% working interest in the nearby Orinduik Block.

While Total looks to widen its footprint in South America, the company said in a separate Feb. 5 news release that it will sell a 25% interest in the Exploration Block 11B/12B, offshore South Africa, to Qatar Petroleum. Total said the deal should strengthen its relationship with the Qatari company.

Once that sale is complete, Total will own a 45% interest, Qatar Petroleum will have a 25% stake, CNR International will own a 20% interest and Main Street will possess 10% in the block.

"This is an important milestone in our strategy to expand our international upstream footprint. We hope that the exploration efforts are successful, and we look forward to collaborating with Total, CNR, Main Street, and the South African authorities on this project," Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum, said in a Feb. 5 news release.