Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » France’s Total prepares sale of $1.5 billion of UK North Sea fields

    France’s Total prepares sale of $1.5 billion of UK North Sea fields

    July 10, 2018
    Share
    Facebook Twitter LinkedIn WhatsApp

    10 July 2018, News Wires — France’s Total is set to sell a third of its stake in Laggan Tormore gas field along with other oil and gas assets in Britain’s North Sea that could fetch a total of $1.5 billion, four banking and industry sources said.

    The divestment will include stakes in a number of smaller fields Total acquired as part of the 2017 $4.95 billion deal to buy the oil and gas division of A.P. Moller-Maersk, the sources said. The deal was completed in March.

    Those fields include Golden Eagle, in which Total has a 32 percent stake, as well as Dumbarton (30 percent), Bruce (43 percent) and Keith (25 percent).

    Bank of America Merrill Lynch will run the sale of the 20 percent stake in Laggan Tormore process, which leave Total with a 40 percent stake once complete. Investment bank Lambert Energy will lead the sale of the other stakes.

    Total and Lambart Energy declined to comment. Bank of America Merrill Lynch did not respond to a request for comment.

    The sale is part of a broad change of guard in the ageing North Sea where veteran players are seeking to dispose of older fields with declining production while new, nimbler companies believe they can squeeze out more value.

    Last week, Chevron said it was preparing to sell its fields in the central North Sea. Royal Dutch Shell and BP have also sold a large number of fields in recent years.

    The Laggan Tormore gas field, in which Total now has 60 percent, started production in February 2016 and can produce up to 90,000 barrels of oil equivalent per day.

    Any deal for the Bruce and Keith fields is likely to be complicated, however.

    London-listed Serica Energy, which agreed to acquire stakes in Bruce, Keith and the adjacent Rhum field from BP last year, is seeking a waiver from the U.S. government to allow it to operate Rhum, which is 50 percent owned by Iran’s national oil company, as Washington prepares to re-impose sanctions on Tehran.

    Without a waiver, the field will have to shut down, leaving Bruce and Keith holding little value, the sources said.

     

    • Reuters

    Related News

    Crude climbs on US jobs report, China talks

    Oil prices at risk amid supply increases, demand concerns

    Renaissance briefs FG on 200,000 b/d milestone following Shell asset takeover

    E-book
    Resilience Exhibition

    Latest News

    Crude climbs on US jobs report, China talks

    June 6, 2025

    Be deliberate in securing govt facilities in your communities – IBAS

    June 6, 2025

    UAE’s power capacity to reach 79.1GW in 2035

    June 6, 2025

    Gold steady near week high as markets brace for key US jobs data

    June 6, 2025

    Nigeria’s renewable power capacity to reach 1.7GW in 2035

    June 6, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.