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Total Announces a New Discovery in the North Sea

Following Glendronach in September 2018, Total (Paris:FP) (LSE:TTA) (NYSE:TOT) announces a new significant discovery in the North Sea offshore U.K., on the Glengorm prospect located in the Central Graben.

Total Announces a New Discovery in the North SeaThe well was drilled to a final depth of 5,056 meters and encountered 37 meters net gas and condensate pay in a high-quality Upper Jurassic reservoir with excellent properties.

Recoverable resources are estimated close to 250 million barrels of oil equivalent. Further drilling and testing will be carried out to appraise resources and the productivity of the reservoir.

“Following the recent Glendronach discovery, West of Shetland in the U.K., Glengorm is another great success for Total in the North Sea, with results at the top end of expectations and a high condensate yield in addition to the gas,” stated Kevin McLachlan, Senior Vice President Exploration at Total. “Our strong position in the region will enable us to leverage existing infrastructures nearby and optimize the development of this discovery. Glengorm is an achievement that demonstrates our capacity to create value in a mature environment thanks to our in-depth understanding of the basin.”

The discovery is located on the P2215 license, which was previously part of the Maersk Oil portfolio, in water depth of about 80 meters, close to existing infrastructures operated by Total and offering tie-back possibilities, such as the Elgin-Franklin platform and the Culzean project, scheduled to start production this year. It also presents some upside potential with several other prospects already identified on the same block.

Total holds a 25% working interest in the Glengorm discovery, alongside CNOOC Petroleum Europe Limited, a wholly-owned subsidiary of CNOOC Limited (50%, operator) and Euroil, a wholly-owned subsidiary of Edison E&P SpA (25%).

Total Exploration & Production in the United Kingdom

Total has been present in the United Kingdom for more than 50 years and is one of the country’s leading oil and gas operators, with equity production of 179,000 boe/d in 2018. Total’s production in the United Kingdom comes principally from operated fields located offshore in three major zones, the Alwyn/Dunbar area in the Northern North Sea, the Elgin/Franklin area in the Central North Sea and the Laggan-Tormore hub in the West of Shetland area where the Glendronach discovery was made last year, and from recently acquired Maersk Oil assets.

Total also operates the Culzean gas field with a 49.99% working interest.

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