Total exchanges assets with ExxonMobil in the North Sea

10/8/2012

Total exchanges assets with ExxonMobil in the North Sea

PARIS -- Total has today announced an exchange of interests with ExxonMobil in a range of producing and undeveloped North Sea assets on the Norwegian Continental Shelf.

In exchange for its interests in the PL089 license (5.6%) and the Sygna (2.52%), Statfjord Øst (2.8%) and Snorre (6.18%) fields, Total will receive from ExxonMobil its 4.7% interest in the Oseberg field and its 4.33 % interest in the Oseberg transportation system, together with its interests in the PL029c license (100%) and the PL029b license (30%), which contain part of the Dagny field. In addition, a minor cash compensation will also be paid by Total to ExxonMobil.

Oseberg is one of the largest oil and gas fields in the Norwegian North Sea, and includes a number of satellite fields currently under development. Dagny reserves are estimated by the Norwegian Petroleum Directorate (NPD) to be 205 MMboe and the Final Investment Decision (FID) of the field development is expected before the end of 2012.

Following the assets exchange with ExxonMobil, Total’s interest in the Oseberg field will increase from 10% to 14.7% and in the Dagny field from 6.54% to 39.54%.
This exchange is expected to close before the end of 2012. It remains subject to the approval of the Norwegian authorities.

Commenting on the deal, Patrice de Vivies, Total’s Senior Vice President Exploration & Production for Northern Europe, said: “It has been a longstanding objective of Total to rationalise its portfolio in Norway and strengthen its interests in assets considered to have upside potential. This exchange with ExxonMobil allows us to focus our efforts on fewer and larger assets.”

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