Total SA announced that it has agreed to sell its stakes in two Norwegian oil fields to Statoil ASA as it refocuses its attention on the imminent acquisition of Maersk Oil.
The French energy company said it is selling 51% of its stake in the Martin Linge field and 40% holding in the Garantiana discovery. The consideration for the transaction, subject to final due diligence and approval from the relevant authorities, is $1.45 billion.
"The forthcoming acquisition of the Maersk Oil portfolio, which will make Total the second largest operator in the North Sea, 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," Total said in a statement. "Norway remains a strategic country for Total as one of the largest contributors to the Group's production and we of course intend to continue bringing our expertise to Norway by focusing in particular on major non-operated assets such as Ekofisk, Snohvit and Johan Sverdrup," it added.
