Total said that it has expanded its footprint in South America by investment in offshore blocks near Guyana, according to a new report by UPI.
The contracts, which the French company recently signed, will give it a non-controlling stake in the Canje, Kanuku, and Orinduik offshore blocks.
“Total is very pleased with this significant entry in the prolific Guyana basin,” E&P President Arnaud Breuillac said in a statement. “The Canje, Kanuku and Orinduik blocks are located in a very favorable petroleum context, evidenced by the Liza discovery in 2015.”
ExxonMobil and Tullow Oil already held stakes in the blocks, which are located in the Guyana Suriname basin – estimated to hold up to 12 billion barrels of oil.
A floating production, storage, and offloading vessel (FPSO) would be required for some parts of the 120,000-barrel per day project, UPI reported.
Last month, ExxonMobil’s drilling team found 230 feet of high-quality, oil-bearing reservoir just outside the Liza phase one project, according to a newswire by Dow Jones. This new announcement constituted the company’s sixth since an initial find in 2015.