Total announces the signature of an agreement with Sinochem to sell TEPMA BV. This fully owned affiliate of Total holds a working interest in the Cusiana field as well as a participation in OAM and ODC pipelines in Colombia. Total share of production of Cusiana is around 7,000 bbl/d. This transaction is subject to approval by the relevant authorities. This sale follows a divestiture of a 5% working interest in the Ocensa pipeline to Petrominerales and of another 5% to Cepsa in July 2011. The combined value of the three transactions amounts to about US$ 1bn.
Total will continue its exploration activities in Colombia on the Niscota (50%) and Mundo Nuevo (55%) blocks. In 2009, a significant gas condensate discovery was made in the southern part of Niscota by the well Huron 1. The promising appreciation well Huron 2 is being drilled with a further appreciation well Huron 3 to be drilled later in 2012. Total still holds a 5.2% share in the Ocensa pipeline.