Post farm out, Mitra Energy will retain a 25% interest in the 4,300 km² block located in water depths ranging from 200 to 3,000m.
Total Asia Pacific Exploration and Production senior vice-president Jean-Marie Guillermou said, "With this new acquisition, Total continues to pursue its strategy to further expand its acreage in significant potential plays in new exploration areas, notably in deep offshore Asia Pacific."
Exploration works on the block are set to start on 1 September 2012; Malaysia-based Mitra Energy will be in charge of overseeing initial operations.
It will undertake seismic works including the re-processing of existing data and the 3D acquisition of additional 500 km² area.
Upon the completion of the initial operations, Mitra will transfer the operatorship to Total for drilling operations.
The acquisition will be finalized after receiving approval from the relevant Philippines authorities.
Total E&P Philippines is a unit of France based oil and gas company Total.
