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Total may exit from Dutch upstream with gas fields sale - Report

Gasoil News - Published on Fri, 18 Jan 2019

Image Source: BusinessLIVE
Reuters, citing industry and banking sources, reported that Total has launched the sale of its offshore gas fields in the Netherlands, a move that would mark the French energy giant's exit from Dutch upstream production after 55 years. It has hired investment bank Jefferies in December to run the process that could raise USD 300 to USD 400 million

Total, which started its Dutch activities in 1964, holds interests in 24 offshore production licences, of which it operates 20. Total's production in the Netherlands was around 41 billion cubic feet of gas, or around 20,000 barrels of oil equivalent per day (boed) in 2017, down from 25,000 boed the previous year as a result of the natural decline of fields and the shutdown of two fields. Total's platforms in the Netherlands are nearing the end of their life after gas reserves have dwindled in recent decades. Many of the platforms will require dismantling, a process known as decommissioning, which could carry tax credits to the benefit of the owners.

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Posted By : Joykumar Irom on Fri, 18 Jan 2019
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