9th Jul 2018 12:30
LONDON (Alliance News) - French oil & gas major Total SA is preparing to sell a number of its UK North Sea assets in a deal that could be worth USD1.5 billion, Reuters reported on Monday.
The deal could see it reduce its stake in the 90,000 barrels of oil equivalent per day Laggan Tomore gas field to 40% from its current 60%.
Citing four banking and industry sources, Reuters said Total was also seeking to sell stakes in a "number" of smaller oil fields it acquired as part of its USD4.95 billion takeover of the oil and gas unit of AP Miller-Maersk in 2017. The deal only completed in March.
The acquisition saw it take a 32% stake in the Golden Eagle field, 30% stake in Dumbarton, 43% in Bruce and 25% stake in Keith.
Reuters emphasised that any sales of Bruce and Keith was likely to be "complicated." This is because the fields are currently majority owned by the national oil company of Iran. Should fellow stakeholder - Serica Energy PLC - fail to get a waiver to allow it to operate the fields then theur will shut down as a result of sanctions introduced by the US against Iran.
https://uk.reuters.com/article/us-total-northsea-m-a-exclusive/exclusive-frances-total-prepares-sale-of-1-5-billion-of-uk-north-sea-fields-idUKKBN1JZ12R
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