PARIS (Reuters) – French oil company Total (PA:) said on Monday that it would pay a bonus of $100 million as part of its previously announced deal with U.S. peer Apache (N:) to develop an offshore block off Suriname.
“Total is pleased with this significant entry in Suriname where Total will become the operator and bring its deepwater expertise. The new license expands our positions in the Guyana-Suriname Basin, a highly favorable petroleum province,” said Arnaud Breuillac, president of exploration & production at Total.
Under the deal, Apache and Total will each hold a 50% working interest in Block 58 in Suriname.
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