Globe says Total likes Deer Creek but loves Middle East
2005-09-26 06:30 ET - In the News
The Globe and Mail reports in its Saturday, Sept. 24, edition that the real prize for the biggest oil companies in the world is still the Middle East, even though the Alberta oil sands show great promise, said Christophe de Margerie, the head of worldwide exploration at Total, Friday. The Globe's Dave Ebner writes that Mr. de Margerie said the reserves in the Middle East are "much bigger" and indicated Total wants control of a significant portion of those assets eventually. "It's the next target, for all of us." Total has taken some of the first steps, acquiring 30 per cent of a rare concession granted by Saudi Arabia. Saudi state oil company Aramco owns 20 per cent and Royal Dutch Shell, the operator, owns 40 per cent. The trio plans to drill for natural gas -- which Saudi Arabia badly needs -- next year. Oil is not part of the deal. It will be the first foreign-led exploration in Saudi Arabia in more than 30 years. Drilling of the first well is expected next year in what's called Saudi Arabia's Empty Quarter, an expansive desert region in the south. Mr. de Margerie is currently in Alberta working on Total's recent takeover bid for Deer Creek Energy.
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