Total Sells Two Norwegian Oilfields for $1.45 Billion

Total SA has agreed to sell all of its interests in the Martin Linge field (51 percent) and Garantiana discovery (40 percent) on the Norwegian Continental Shelf to Statoil ASA.

The total consideration for the transaction is $1.45 billion with an effective date of 1st January 2017.

“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. In this context, given that Martin Linge is Total's only operated asset in Norway, there is limited scope to optimize operations, whereas, with Statoil’s leading operating position on the Norwegian Continental Shelf, Statoil is in a better position to optimize this asset for the benefit of all stakeholders,” said Arnaud Breuillac, president, exploration & production at Total.