Total Lands Exploration Deal With Sri Lanka

Total S.A. (TOTF.PA) reportedly signed a deal with the government of Sri Lanka to explore potential offshore ultra-deep water blocks, according to the Sri Lanka’s Oil Ministry.
The agreement, which has been in the works since 2014, would allow Total to explore marginal areas on Sri Lanka’s East Coast.
As part of the agreement, Total would conduct technical surveys and analyze data to assess the viability of oil and gas at commercial volumes. This data, worth several millions, would be owned by Sri Lanka, and would allow Sri Lanka to more accurately assess the potential for production in the region.
Under the joint agreement, Sri Lanka will also get ground rental of US $1 per square kilometer for the entire acreage, valued at roughly LKR $7 million per year.
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