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PARIS - TotalEnergies and its partners QatarEnergy and Petronas have signed a production sharing contract with Guyana's Ministry of National Resources for the offshore Block S4, according to a company press release.
The 1,788 square kilometer block is located approximately 50-100 kilometers from shore. TotalEnergies will operate the block with a 40% stake, while QatarEnergy holds 35% and Petronas 25%. The initial work program will include a 2000 square kilometer 3D seismic acquisition.
The block was awarded in the Guyana 2022 Licensing Round last year. This marks TotalEnergies' entry as an operator in Guyana's offshore sector, which has seen significant oil discoveries in recent years.
"TotalEnergies is delighted to bring its expertise as an operator to Guyana, in a shallow-water offshore block within this prolific basin," said Nicola Mavilla, Senior Vice President Exploration of TotalEnergies.
The French energy company (Paris:TTE) (LSE:TTE) (NYSE:TTE) stated that the block aligns with its strategy of exploring for "material, low-cost, and low-emission resources."
Guyana has emerged as a significant oil-producing nation following multiple discoveries in the Stabroek Block by ExxonMobil and partners since 2015.
The contract was signed with Guyana's Ministry of National Resources represented by Minister Vickram Bharrat.
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