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Total to Sell $1.4b Stake in 2 Oilfields

Total to Sell $1.4b Stake  in 2 OilfieldsTotal to Sell $1.4b Stake  in 2 Oilfields

French oil and gas major Total said on Monday it had agreed to sell its stakes in two Norwegian oilfields to Statoil for $1.45 billion, as it reviews its North Sea portfolio after acquiring Denmark’s Maersk Oil in August. The company said Statoil will take over its 51% stake in the Martin Linge field and its 40% holding in the Garantiana discovery on the Norwegian Continental Shelf, Reuters reported. “The forthcoming acquisition of Maersk Oil ... leads us to review our portfolio in this area so as to focus on the assets in which Total will be able to generate synergies and reduce their breakeven points,” Arnaud Breuillac, Total’s head of exploration and production, said in a statement. Total’s decision to scale back its presence in Norway, focusing on non-operated assets, follows a recent trend among foreign oil majors, including BP and Exxon Mobil, to become junior partners in Norwegian fields and concentrate their exploration and field management in less mature regions.

 

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