French oil giant Total has announced that it has divested its North Sea assets to Irish firm Petrogas.
Total revealed today it will sell off a number of Eastern North Sa assets in a deal worth more than £510 million.
The firm said it would divest its 100% interest in the Dumbarton, Balloch, Drumtochty and Lochranza field.
It will also sell off its more than 60% interests in the Affleck, Flyndre and Cawder fields, 31% interest in Cawdor and its 5% and 2% interest in the Scott and Telford fields, respectively.
Arnaud Breuillac, president of Exploration and Production at Total, said: “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”
Petrogas is the exploration and production arm of the Oman-based conglomerate MB Holding.
The firm has partnered with Norway-based private equity investor HitecVision.