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Total divests £500m package of North Sea assets

10/07/2019
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French oil major Total has today announced that it has divested a package of Eastern North Sea assets to Irish energy company Petrogas in a deal worth an estimated £500m+.
Total divests £500m package of North Sea assets
(Image via Total).

The assets which have been 100% divested by Total include the Dumbarton, Balloch, Lochranza, and Drumtochty fields. Total will also sell off its 60%+ interest in the Flyndre, Affleck, and Cawdor fields, and it’s 30%+, 5%+ and 2%+ interests in the GoldenEagle, Scott and Telford fields respectively.

Formerly owned by Maersk Oil, these assets will transfer to Petrogas with an effective date of 1st January 2019, however 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 which has first oil planned later this year.

Commenting on the deal, Arnaud Breuillac, President Exploration & Production at Total, said:

“This transaction is consistent our portfolio management strategy, aiming at lowering our break-even point by optimising 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.”

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Total divests £500m package of North Sea assets - Time to read 2 min
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