LONDON (ShareCast) - (ShareCast News) - AIM-listed oil and gas company Total announced on Monday that it had signed a deal with the National Office of Petroleum of Guinea (ONAP) that would see the French firm undertake a study of roughly 55,000 square kilometres of deep and ultra-deep offshore areas off the coast of Guinea Conakry.
Total said that according to the terms of the technical evaluation agreement it would have one year to assess the potential of the basin on the basis of pre-existing data, and at the end of the twelve month period, it would select three licenses to start an exploration program.

"By taking this position on a new under-explored area, Total pursues its exploration strategy targeting deep offshore prospective basins," said Kevin McLachlan, senior vice president of exploration and production at Total.

"Therefore, Total has the opportunity to evaluate a very large area, located in an extension of the prolific Mauritania/Senegal basin where we already are. This will allow us to capitalize on our know-how and experience acquired in West Africa," he added.

Total would also be training ONAP staff to develop their technical skills in exploration and production.

As of 1400 BST, Total shares had inched forward 1.37% to €45.53 each.

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