Total has signed an agreement to sell wholly owned subsidiary Total E&P Deep Offshore Borneo BV — which holds an 86.95% interest in Block CA1, located 100 km off the coast of Brunei — to Shell for US$300 million. The transaction is subject to approval by the competent authorities and is expected to close by December 2019.
“This transaction fits with our strategy of actively managing our portfolio and will contribute to our programme to dispose of US$5 billion of non-core assets over the period 2019-2020,” said Arnaud Breuillac, President Exploration & Production at Total.
Block CA1 covers 5850 km2, with water depths ranging from 1000 to 2500 m. Total currently operates the block alongside partners Murphy Oil (8.05%) and Petronas (5%).
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/31102019/total-sells-brunei-subsidiary-to-shell/
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