Total, Santos To Jointly Develop Offshore Indonesia Field

France?s Total has signed an agreement with Australia's third largest oil and gas producer
Santos Ltd to acquire a 39.9 per cent interest with the right to obtain a further 10.1 per cent stake in an offshore exploration block located north of Bali, Indonesia.

2D seismic was shot last January and an exploration well is scheduled to be drilled by year-end. Total subsidiary, Total E&P North Bali I, will become operator after the first exploration period.

The new agreement is in line with Total's strategy of expanding its deep offshore operations, in particular in a region where it is already a major operator.