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Total sells Italian assets to Mitsui

Oilfield Technology,

Total today announces that it has finalised an agreement to sell a 25% interest in the Tempa Rossa field, located in the Basilicata region of southern Italy, to Mitsui E&P Italia A S.r.l.  The Group is retaining a 50% interest in the Gorgoglione concession and operatorship. Shell holds the remaining 25%.

The transfer of interests will take effect after the Italian authorities have approved the transaction.

“We are very pleased with this transaction, which further strengthens the ties between Total and Mitsui," said Olivier de Langavant, Senior Vice President, Strategy, Business, Development and R&D at Total Exploration & Production. “It is another step toward achieving the asset disposal objectives announced by Total for the period 2012-2014."

The Tempa Rossa field is scheduled to come on stream in early 2016, producing 50,000 bpd of oil at plateau, along with 230,000 m3 of natural gas and 240 tpd of LPG. Italy’s oil production will increase nearly 40% as a result.

The development represents an investment of €1.6 billion. Total awarded the EPC contracts in 2012.

Adapted from press release by Peter Farrell.

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