Seeking Alpha

Total hits oil in deep offshore Ivory Coast

  • Total (TOT) says it found oil while drilling in an ultra-deepwater play off Ivory Coast, the first discovery in the San Pedro Basin frontier exploration area.
  • TOT says it found liquid hydrocarbon below 2,300 meters of water and will now evaluate the extent of the "very promising' find.
  • TOT operates the block and holds a 54% stake in the venture, with Canadian Natural Resources (CNQ) owning 36% and state player Petroci 10%.
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