The transaction, subject to the Kazakh government approval, broadens Total’s portfolio of acreage in Kazakhstan. As operator of the license, the company will proceed with a work program that includes reprocessing of seismic data and drilling of a well. A well has already been drilled on the license, with encouraging results, the company said.
Yves-Louis Darricarrere, president of Total Exploration & Production, said: “The acquisition of the stake in the concession held by OTG allows the Group to deploy its deep drilling expertise as an operator in Kazakhstan in a region with promising potential.”
Since 1992, Total has been present in Kazakhstan with the company’s 16.8% stake in the North Caspian permit, which includes the Kashagan field operated by the North Caspian Operating Company (NCOC). Kashagan is planned to enter into production at the end of 2012.
