Total buys 75% stake in PH offshore block


Posted at Aug 23 2012 06:47 PM | Updated as of Aug 24 2012 02:47 AM

PARIS - French oil giant Total said on Thursday it sealed a deal to buy a 75 percent stake in block SC 56, located in the Sulu Sea, off the Philippines coast.

Malaysia-based and privately-owned company, Mitra Energy Ltd., will retain a 25 percent interest in the block, the statement said.

Financial terms were not disclosed.