France's Total looks to ramp-up Australian...

France's Total looks to ramp-up Australian investment
AAP
September 29, 2010, 3:11 pm
Buzz up!
Send
Share
Print

Bloomberg News / ANTOINE ANTONIOL ?
French energy giant Total says it will spend billions of dollars expanding its Australian operations over the next five years.

It may also lift its interest in the Inpex-led Ichthys liquefied natural gas project off WA's North-West coast.

Total senior vice-president Asia Pacific exploration and production Jean-Marie Guillermou said Total was happy with its 24 per cent stake in Ichthys "but there are possibilities it might increase a little bit but this is not yet fixed yet".

Mr Guillermou said Total was not currently in talks with Inpex on this front.

He said Total would add to its 10 exploration blocks off the Kimberley coast under its plans to expand in Australia in coming years.

"We are looking for gas and oil, if possible," he said.

"We are operating four (of the 10 exploration blocks) and that's why we're going to start a drilling campaign before the end of this year.

"We want to expand and we are looking for other opportunities (in Australia).

"We are here for the long term and are going to spend billions of dollars in this country in coming years."

Total recently bought into the Gladstone LNG joint venture in Queensland with Santos and Malaysia's Petronas, but has not yet looked seriously at other LNG projects in Australia, he said.

Total would work with Santos to find more opportunities for the French firm in Australia.

"We want to develop partnerships with what we call local players," Mr Guillermou told reporters in Perth.

"So for us, being with Santos is very attractive.

"This partnership with Santos has opened a way to become more Australian.

"We need to better understand this country and have better access to the opportunities.

"Part of our contract is also to engage together with Santos to find ways to work together in the future."