PARIS--(BUSINESS WIRE)--Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has started up production from the Badamyar project, located offshore 220 kilometers south of Yangon in the Republic of the Union of Myanmar. The project will enable an extension of the Yadana gas field’s 8 billion cubic meters per year production plateau beyond 2020.
“Completed on schedule and with costs 20% below budget, this second start-up by Total in 2017 demonstrates our capacity to effectively implement cost reduction programs,” said Arnaud Breuillac, President, Exploration & Production at Total. “This project underscores Total’s commitment to develop gas projects to provide Myanmar and Thaïland with affordable, reliable and clean energy to support the countries’ economic growth over the coming years.”
The Badamyar project involves the installation of a new wellhead platform connected to the Yadana production facilities, and the drilling of 4 horizontal wells to develop Badamyar gas field as a satellite of Yadana. The project also includes a new compression platform. Launched in mid 2014, the project was completed with no Lost Time Injury occurrences during the 5 million man-hours worked.
Total is the operator of the project with a 31.2% interest. Its partners are Chevron-Unocal (28.3%), PTTEP (25.5%) and the national company MOGE (15%).
Total in the Republic of the Union of Myanmar
Present in the Republic of Myanmar since 1992, Total E&P Myanmar (TEPM) is the operator of the offshore M5 and M6 blocks that cover Yadana gas field, which is in production since 1998. Gas production from M5 and M6 blocks currently supplies half of all gas consumed by Myanmar and around 12% of gas consumed by neighboring Thailand.
TEPM is also actively pursuing exploration activities in Myanmar, particularly in deep offshore, and currently holds significant interests in seven offshore blocks. On Jan 4th, 2016, a gas discovery was announced on A6 block. Appraisal drilling will be conducted in 2017.
TEPM is committed to Corporate Social Responsibility as a core policy embedded in its operations. It prescribes Ethics, HSE, Code of Conduct and VPSHR principles to all stakeholders.
* * * *
Total is a global integrated energy producer and provider, a leading international oil and gas company, and a major player in solar energy with SunPower and Total Solar. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. total.com
This press release, from which no legal consequences may be drawn, is
for information purposes only. The entities in which TOTAL S.A. directly
or indirectly owns investments are separate legal entities. TOTAL S.A.
has no liability for their acts or omissions. In this document, the
terms “Total” and “Total Group” are sometimes used for convenience where
general references are made to TOTAL S.A. and/or its subsidiaries.
Likewise, the words “we”, “us” and “our” may also be used to refer to
subsidiaries in general or to those who work for them.
This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.
Capital : 6 207 262 032,50 €
542 051 180 R.C.S. Nanterre