Oil major Total buys into Bangladesh blocks

PARIS, Mar 17 (Reuters) French oil group Total said on Friday it had bought a 60 per cent stake in two Bangladesh exploration blocks as it looks to further increase its presence in Asia.

Total said in a statement it bought the stake in exploration blocks 17 and 19, which are offshore southeast Bangladesh, from Tullow Bangladesh Ltd, Okland Bangladesh Ltd and Rexwood Offshore Holdings Ltd.

The French company added that the purchase was undergoing approval by the Bangladesh government. It did not give a price for the transaction.

Total said the blocks had a total surface area of around 14,000 square kms and were located in water depths of around 20 metres. It added that seismic acquisition works were planned to start on the blocks later this year.

REUTERS SD RN2015