7/10/2019, 9:53 AM (Source: TeleTrader)
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Total sells UK oil fields to Petrogas in $635M deal

French Total announced on Wednesday that it agreed to sell its Eastern North Sea assets for $635 million to Petrogas NEO UK Ltd. The deal is set to be completed by the end of 2019.

Arnaud Breuillac, head of exploration and production at Total said: "This transaction is consistent with our portfolio management strategy, aiming at lowering our break-even point by optimizing capital allocation and divesting high technical costs assets. Our primary objective is to maintain the organic break-even before dividend below $30 per barrel and high-grading our portfolio will help us achieve this."

Petrogas is part of Oman-based conglomerate MB Holding and the company worked with Norwegian investors HitecVision on the deal with Total. The oil fields Petrogas is acquiring were previously owned by Maersk Oil.

Breaking the News / VP