French energy giant Total has agreed to sell its interest in the Martin Linge oil and gas field and the Garantiana discovery on the Norwegian Continental Shelf to Statoil for $1.45 billion.
The transaction of 51 percent interest in Marting Linge and 40 percent in the Garantiana discovery remains subject to approval from relevant authorities, Total informs in a statement on Monday.
Commenting on the deal, Arnaud Breuillac , president, exploration & production at Total, said, “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.”
With Martin Linge being Total’s only operated asset in Norway, has led the company to review its portfolio in the area and focus on assets which will enable the company to generate synergies and reduce breakeven points.
Earlier this month, Total agreed to purchase the compatriot Engie’s portfolio of upstream liquefied natural gas (LNG) assets for $1.49 billion, upon which it would become the second largest global LNG player among the majors, behind Shell.
The Martin Linge field located in the North Sea 42 kilometers west of Oseberg, at a water depth of 115 meters is an oil and gas discovery was made in 1975.