ALBERTA

Canadian Natural picks France's Total as partner in SAfrican offshore project

09/30/2013 07:03 EDT | Updated 11/30/2013 05:12 EST
CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) says it has selected a subsidiary of France's Total SA to be its 50-50 partner for a South African offshore exploration program.

Calgary-based CNQ will receive an undisclosed amount of upfront cash, recover costs it has incurred so far and share the cost of the first exploration well, which is to be drilled next year.

In return, Canadian Natural will transfer a 50 per cent interest in Block 11B/12B to Total E&P South Africa.

The block is 175 kilometres off the southern coast of South Africa. It covers about 19,000 square kilometres, with water depths ranging from 200 to 1,800 metres.

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