Africa Oil Corp (AOIFF)

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And another upper.

Oil major Total plans biggest exploration drive in years

January 29, 2019 / 2:47 AM

PARIS/CAPE TOWN (Reuters) - Total is launching its biggest exploration campaign for years in 2019 as part of a turnaround plan that is ditching the company’s focus on risky long-shots in favor of areas known to contain commercial levels of oil or gas.

Of the 23 wells in Total’s drill program this year, it has already started work at the deepwater Brulpadda field off South Africa. Two industry sources close to the project say the potential for a discovery is high and could signal a game-changer not only for Total, but also for the country.

“We are expecting the results in the coming days,” Total’s Chairman and Chief Executive Patrick Pouyanne said.

While Total has said the field could hold between 500 million to over 1 billion barrels of oil equivalent, one of its partner in the project is more upbeat.

“The outlook for finding hydrocarbons is extremely high. The question is whether it is gas or oil, and whether it is a good-quality reservoir,” Keith Hill, CEO of Africa Oil Corp, a minority stakeholder in the field, told Reuters, adding that the field could hold 1.5 to 3 billion barrels.


Read more at:
https://www.reuters.com/article/us-total-exploration/oil-major-total-plans-biggest-exploration-drive-in-years-idUSKCN1PN0QZ