(Updates with additional comments from Total official.)
Oct. 5 (Bloomberg) -- Total SA, Europe’s third-largest oil producer, is developing two so-called “elephant” oil and natural gas fields it has discovered in Bolivia and French Guayana as the company seeks to boost production in the region.
The Zaedyus oil field in French Guiana and the Aquio deposit in Bolivia each hold at least 500 million barrels of oil or equivalents, said Denis Palluat de Besset, the head of the company’s Brazil unit. Total will drill a second well at Zaedyus in late 2012 with its partners Tullow Oil Plc and Royal Dutch Shell Plc, Besset said. Tullow operates the project.
“We believe it is in the elephant size, a half a billion barrels,” Besset said today in Rio de Janeiro. “There might be other structures to drill to find more oil.”
Zaedyus is similar to the Jubilee discovery in Ghana where Tullow estimates potential resources of 1.8 billion barrels, Besset said. The north-eastern coast of South America and West Africa may hold some of the same oil deposits formed millions of years ago before the Atlantic Ocean was created by the separating continents, according to Besset.
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