Total divests North Sea assets in £500m deal

Total's UK managing director Jean-Luc Guiziou.
Total's UK managing director Jean-Luc Guiziou.

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.

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