Brunei: Oil and Gas Exploration Total to Sell Interest in Offshore Brunei Block for 300 Million Dollars
Total has plans to sell its 86.95 % interest in Block CA1 to Shell. The move is in line with the French major’s strategy of disposing of 5 billion dollars of non-core assets over the period 2019-2020.
Paris/France – Total has recently signed an agreement to sell wholly owned subsidiary Total E&P Deep Offshore Borneo — which holds an 86.95 % interest in Block CA1, located 100 kilometers off the coast of Brunei — to Shell for 300 million dollars. The transaction is subject to approval by the competent authorities and is expected to close by December 2019.
“This transaction fits with our strategy of actively managing our portfolio and will contribute to our programme to dispose of 5 billion dollars of non-core assets over the period 2019-2020,” said Arnaud Breuillac, President Exploration & Production at Total.
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 %).