Total Hopes To Succeed In Waters Exxon Abandoned

摘要

BMI View: Total’s 75% farm-in to a block in the Philippines' Sulu Sea suggests upstream entrance in the country remains strong. However, Total is entering a block where Exxon spent several years and US$400mn drilling four non-commercial wells before exiting. Resource estimates suggest offshore potential in the Philippines, and with Total eager to build its presence in the Asian gas market, the French IOC may be able to succeed where Exxon failed.