Total: sale of non-strategic assets in the UK
(CercleFinance.com) - Total announces that it has signed an agreement with a view to selling several non-strategic assets located in the United Kingdom to Petrogas NEO UK Ltd.
, the exploration and production arm of the Oman-based conglomerate MB Holding, which has partnered with Norwegian investment fund HitecVision.
These assets, previously held by Maersk Oil, are located in the Eastern North Sea. The transaction, for an overall amount of 635 million dollars, remains subject to approval by the authorities and should be finalised in December 2019.
“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”, stated Arnaud Breuillac, President Exploration & Production at Total.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
, the exploration and production arm of the Oman-based conglomerate MB Holding, which has partnered with Norwegian investment fund HitecVision.
These assets, previously held by Maersk Oil, are located in the Eastern North Sea. The transaction, for an overall amount of 635 million dollars, remains subject to approval by the authorities and should be finalised in December 2019.
“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”, stated Arnaud Breuillac, President Exploration & Production at Total.
Copyright (c) 2019 CercleFinance.com. All rights reserved.