TotalFinaElf has signed an agreement with Amerada Hess to acquire a 42.5% interest in Deepwater Block F, offshore Sarawak, in Malaysia. Amerada Hess, the operator, will retain a 42.5% stake, while the remaining 15 % continues to be held by Petronas Carigali, the exploration and production subsidiary of Malaysia's national petroleum corporation Petronas.
Block F covers an area of 9,720 square kilometers and is located around 350 kilometers north west of Bintulu in water depths of between 200 and 1,200 meters. The three partners plan to carry out a 3D seismic campaign in 2002 before drilling an exploration well.
This new agreement, which marks the re-entry of TotalFinaElf into Malaysia's oil and gas exploration sector, is in line with the Group's strategy of diversifying its activities in exploration and production activities worldwide and strengthening its presence in South-East Asia.
The choice of the city of Helsinki is not incidental as the capital of Finland had hosted US-Soviet negotiations on the limitation of nuclear stockpiles in 1969