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2014-04-17 18:25:00

TOTAL FINDS DEEP OIL

TOTAL FINDS DEEP OIL

French oil major Total SA  said it has found oil while drilling in deep offshore Ivory Coast.

The company said it found liquid hydrocarbon below 2,300 meters of water. Total will now evaluate the extent of the find, it said in a statement.

"Drilled in an abrupt margin play, this first well is the first discovery in the San Pedro Basin, a frontier exploration area in Ivory Coast," said Marc Blaizot, the senior vice president for exploration at Total. "Having confirmed the presence of a petroleum system containing light oil, we will next evaluate this very promising find." 

Total operates in Ivory Coast in a partnership with Canada's CNR International and French PETROCI Holding. Total owns 54% in the joint venture, CNR 36% and PETROCI the remaining 10%.

wsj.com

Tags: TOTAL, OIL, OFFSHORE

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