As per the terms of the agreement, W&T Offshore will receive Total’s 64% interest in Viosca Knoll Blocks 822 and 823 (Virgo) and 100% interest in Mississippi Canyon Block 243 (Matterhorn).
Virgo gas field, located in the continental shelf in a water depth of 345mt, reached an average production of approximately 2000 barrels of oil equivalent per day (boe/d) at year-end 2009. The Matterhorn oil and gas field, in a water depth of 850mt, reached an average production of about 5,000 (boe/d) at year-end 2009.
In selling these non-strategic assets, Total finalizes the reorganization of its activities in the Gulf of Mexico, focusing on areas of growth in the deep offshore.
At year-end 2009, the group’s production in the Gulf of Mexico amounted to approximately 30000boe/d, with the majority produced by Tahiti. In May 2009, the Tahiti deepwater field, operated by Chevron and in which Total holds a 17% interest, started producing.
Tahiti has reached the plateau daily production of approximately 125000 barrels of crude oil and 70 million cubic feet of natural gas.
Furthermore, the group is focused to developing the first phase of the Chinook project, operated by Petrobras and in which Total holds a 33.33% interest, with a production test scheduled for July 2010.
Finally, Total entered into an alliance with Cobalt International in the spring of 2009 for the joint exploration of 214 deep offshore blocks in the Gulf of Mexico.
