Total sells two Norwegian oilfields to Statoil for $1.45bn

PARIS/OSLO: French oil and gas major Total said on Monday it had agreed to sell its stakes in two Norwegian oilfields to Statoil for $1.45 billion as it reviews its North Sea portfolio after acquiring Denmark’s Maersk Oil in August. The company said Statoil will take over its 51 per cent stake in the Martin Linge field and its 40 per cent holding in the Garantiana discovery on the Norwegian Continental Shelf. “The forthcoming acquisition of Maersk Oil... 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 break-even points,” Arnaud Breuillac, Total’s head of exploration and production, said in a statement. The company said that although Norway remains strategically important as one of the largest contributors to its output, it plans to focus on its non-operated assets such as Ekofisk, Snohvit and Johan Sverdrup fields. — Reuters