Total’s quest for cheap Mena barrels continues. In its 2019 annual report released 23 March, the French firm says it has finalized an agreement to buy Repsol’s 22.6% stake in Algeria’s Tin Fouye Tabankort (TFT) wet gas field on Block 238, boosting its own share to 49%. The catch is that Algiers must still approve the deal.
Located in the Illizi basin, TFT once produced close to 650mn cfd but natural decline has seen output drop below 400mn cfd. In 2018, Total and Repsol extended their contract to 2044 and pledged to invest $324mn to sustain output (MEES,15 June 2018). (CONTINUED - 471 WORDS)