by Andreas Exarheas
Wednesday, October 30, 2019
Total signs an agreement to sell its wholly owned subsidiary Total E&P Deep Offshore Borneo BV to Shell for $300 million.
Total revealed Wednesday that it has signed an agreement to sell its wholly owned subsidiary Total E&P Deep Offshore Borneo BV to Shell for $300 million.
The subsidiary holds an 86.95 percent interest in Block CA1, which is located 62 miles off the coast of Brunei. The transaction is subject to approval by the competent authorities and is expected to close by December.
Block CA1 covers 2,258 square miles, with water depths ranging from 3,280 feet to 8,202 feet. Total currently operates the block alongside partners Murphy Oil, which has an 8.05 percent interest, and Petronas, which holds a five percent stake.
“This transaction fits with our strategy of actively managing our portfolio and will contribute to our program to dispose of $5 billion of non-core assets over the period 2019-2020,” Arnaud Breuillac, president of exploration and production at Total, said in a company statement.
Back in August, Total revealed that it had signed an agreement to sell a 30 percent interest in Société des Transports Pétroliers par Pipelines (Trapil) to Pisto SAS for around $290 million. In July, Total announced that it had signed an agreement to divest several UK non-core assets to Petrogas NEO UK Ltd. The overall consideration for this deal was said to amount to $635 million.
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