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Total sells interest in offshore Brunei block to Shell for $300 mln

Reuters - UK Focus
Updated

PARIS, Oct 30 (Reuters) - Total statement:

* French oil major Total says signed an agreement to sell wholly owned subsidiary Total E&P Deep Offshore Borneo BV — which holds an 86.95% interest in Block CA1, located 100 kilometers off the coast of Brunei — to Shell for $300 million.

* Total says transaction fits its plan to dispose of $5 billion of non-core assets over the period 2019-2020.

* The transaction is subject to approval by the competent authorities and is expected to close by December 2019.

* Block CA1 covers 5,850 square kilometers, with water depths ranging from 1,000 to 2,500 meters.

* Total currently operates the block alongside partners Murphy Oil (8.05%) and Petronas (5%). (Reporting by Dominique Vidalon Editing by Bate Felix)