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Total in talks to sell UK pipeline to U.S. buyout group ArcLight -Bloomberg

Reuters - UK Focus

June 25 (Reuters) - French oil major Total (Swiss: FP.SW - news) is in talks to sell its gas pipeline in the UK's North Sea to ArcLight Capital (Other OTC: CGHC - news) partners, a U.S.-based private equity firm focused on energy infrastructure, Bloomberg reported citing people familiar with the matter.

The transaction, which may be worth about $1 billion, is in an advanced stage of discussion, although talks may still fall apart, Bloomberg said. (http://goo.gl/8L8zMO)

ArcLight may make the investment through its affiliate North Sea Midstream Partners, Bloomberg said.

Representatives of Total and ArcLight Partners could not be immediately reached for comment.

Europe's third largest oil company Total unveiled a plan earlier this year to cut investments and jobs, and accelerate its asset sales programme after taking a $6.5 billion writedown last year because of weak oil prices. (Reporting by Ankush Sharma in Bangalore; Editing by Elaine Hardcastle)