Referenced Stocks

Total SA Signs 5 Yr. Black Sea Deal with Bulgaria; ADRs Edge Down On NYSE

By Midnight Trader,  August 29, 2012, 01:10:31 PM EDT

Total SA ( TOT ), Europe's third-biggest oil company, signed a five-year contract with Bulgaria to explore for natural gas and oil in the deep waters of the Black Sea off the Bulgarian coast.

Total will explore for gas and oil deposits in the Khan Asparuh block spreading over 14,400 square kilometers (5,560 square miles) near the border with Romania, Patrick Pluen, Total's vice president for exploration and production, told reporters in Sofia today. Austria's OMV AG and Spain's Repsol SA, as venture partners, each hold 30% while Total holds 40%, Pluen said.

TOT ADRs are down 0.4% to $49.24.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: TOT



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