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Total selling non-core UK North Sea fields for $635 million

Total selling non-core UK North Sea fields for $635 million

Paris, July 11 - Neftegaz.RU. Total has signed an agreement to divest several UK non-core assets to Petrogas NEO UK, 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 and include the fields listed below. The overall consideration for this deal amounts to $635 million 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.

“This transaction is consistent with our portfolio management strategy, aiming at lowering our break-even point by optimizing capital allocation and divesting high technical costs assets. Our primary objective is to maintain the organic break-even before dividend below $30 per barrel and high-grading our portfolio will help us achieve this” said Arnaud Breuillac, President Exploration & Production at Total.

Following the Maersk Oil acquisition in 2018, Total became the 2nd 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 with1st oil planned later this year.

The assets divested of in this transaction are as follows:

List of assets included in the transaction
Area Field Interest sold Operator
UK Dumbarton 100% TOTAL
Balloch 100%
Lochranza 100%
Drumtochty 100%
Flyndre 65.94%
Affleck 66.67%
Cawdor 60.6%
GoldenEagle 31.56% CNOOC
Scott 5.16%
Telford 2.36%

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