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Total Divests Assets in the UK to Petrogas

Gasoil News - Published on Fri, 12 Jul 2019

Image Source: Total
Total has signed an agreement to divest several UK non-core assets to Petrogas NEO UK Ltd, the exploration and production arm of the Oman-based conglomerate MB Holding. Petrogas has partnered with Norway-based private equity investor HitecVision. Formerly owned by Maersk Oil, these assets are located in the Eastern North Sea. The overall consideration for this deal amounts to 635 million dollars with an effective date of January 1, 2019. The transaction remains subject to approval from the relevant authorities and is expected to close in December 2019.

Following the Maersk Oil acquisition in 2018, Total became the second largest operator in the North Sea, which is one of its core areas. The region is home to some of the Group’s current major projects: Culzean, which started up last month in the UK, and Johan Sverdrup in Norway with first oil planned later this year.

The UK assets divested of in this transaction are as follows:
FieldInterest soldOperator
Dumbarton100.00%TOTAL
Balloch100.00%TOTAL
Lochranza100.00%TOTAL
Drumtochty100.00%TOTAL
Flyndre65.94%TOTAL
Affleck66.67%TOTAL
Cawdor60.60%TOTAL
GoldenEagle31.56%CNOOC
Scott5.16%CNOOC
Telford2.36%CNOOC
 

Source :

Posted By : Sanju Moirangthem on Fri, 12 Jul 2019
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