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Total quits operation of Brazil offshore oil project


French energy group Total has resigned from Brazil offshore oil project. Total on Monday said it resigned from its role as operator of five exploration blocks in the Foz do Amazonas Basin, 120 kilometres offshore Brazil.

Total in a statement said the decision opens a period of six months during which a new operator will be appointed, and to whom the operating activities will be handed over.

The area may contain as many as 14 billion barrels of petroleum, more than the entire proven reserves of Mexico, some geologists have said.

Environmentalists, however, have tried to prevent oil exploration in the area, which is home to a sizeable reef.

Source Sweetcrude
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