French oil and gas giant Total S.A. (TOT, TTFNF.PK,TTA.L) Tuesday said that it has increased its equity stake in Tempa Rossa field, located in the Basilicata region in Southern Italy, to 75 percent, by acquiring crude and refined oil products company Esso Italiana's interests in Gorgoglione concession. Total also acquired two exploration licenses located in the same area.
Esso Italiana, which operates as a subsidiary of Exxon Mobil Corp. (XOM), is engaged in the extraction and refining of crude petroleum and natural gas.
Total's acquisition includes a 25 percent interest in Gorgoglione concession that owns and operates the Tempa Rossa oil field. In the two exploration licenses, Total will acquire 51.7 percent of each one.
Total said that the calls for tender for the main development contracts are under way, and regional and governmental approvals are expected in summer 2011. The company is planning for a final investment decision on project implementation towards the end of this year. Production is expected to start in 2015 with a plateau level of 50 thousands barrels of oil per day.
The acquisition strengthens Total's position in the exploration and production sector in Italy and as a major player in the economic development of the Basilicata Region.
TOT closed Friday's trading at $58.18.
On the LSE, TTA.L is trading at 39.87 pence, down 0.13 pence or 0.33 percent, on 826 shares.
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