Total has closed the sale to Shell of its subsidiary Total E&P Deep Offshore Borneo, which holds an 86.95% operated interest in block CA1 offshore Brunei.
(Map courtesy Total)
Offshore staff
PARIS – Total has closed the sale to Shell of its subsidiary Total E&P Deep Offshore Borneo, which holds an 86.95% operated interest in block CA1 offshore Brunei.
Net production to Total from the concession in 2019 was 5,000 boe/d. The other partners are Murphy Oil (8.05%) and Petronas (5%).
Jean-Pierre Sbraire, Total’s CFO, said: “In the current context of low oil prices, these transactions support the action plan announced to weather the crisis.”
The transaction is also in line with the company’s strategy of divesting $5 billion of assets during 2019-20.
