Total has acquired 40 per cent interest in the exploration license from Oil Search, which is subject to the approval of Yemens Ministry of Oil and Mineral Resources.
The license covers an area of 2,954 sq-km in the eastern section of the Marib Basin.
Joint-venture
Total's partners will be the Austrian OMV, the Czech MND and state-owned Yemen General Corporation for Oil and Gas (YGC). Once the transaction has been completed, the joint-venture will resume exploration with a seismic survey which could be followed by a drilling of an exploration well.
The strategy
Arnaud Breuillac, Senior Vice-President Middle East, Exploration & Production Total, commented today: "With this acquisition, Total is pursuing its strategy of expanding its exploration and production activities in Yemen, in high-potential geological basins that offer a close fit with existing projects".
Local production
Total's local production in Yemen has grown to 86,000 barrels of oil equivalent per day in 2011. The Group holds producing assets in the country's two main oil basins, as operator of East Shabwa Block 10 in the Masila Basin with a 28.57 per cent interest and as a partner with a 15 per cent stake in Jannah Block 5 in the Marib Basin.
Onshore exploration
In addition, Total participates in onshore exploration licenses through a 40 per cent interest in Blocks 69 and 71, and through operatorship of Blocks 70 and 72 with an interest of 50.1 per cent and 36 per cent respectively.
