Total in Talks to Sell North Sea Assets

By Shadia Nasralla
Friday, December 21, 2018

French energy giant Total is in advanced talks with privately owned firms Albion Energy and First Alpha Energy Capital on the sale of some of its British North Sea assets, two industry sources said.

In July, four banking sources told Reuters Total was set to sell a third of its stake in the Laggan Tormore gas field along with other oil and gas assets North Sea that could fetch a total of $1.5 billion.

Total and First Alpha had no comment. Albion could not be reached for comment.

Total sold its interest in the Bruce and Keith fields in the North Sea during the summer. This included 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 in July.

Albion, linked to Heritage Oil founder Executive Tony Buckingham, is fully financed through a hedge fund, one of the sources said.

First Alpha, established in 2016 and private-equity backed, and has no assets so far, according to its website. Its founders include former BP and OMV manager David Latin and its advisors former BG Chief Frank Chapman and former OMV CFO David Davies.

Total's fields include Golden Eagle, in which Total has a 32 percent stake, and Dumbarton, in which it holds 30 percent.

One of the sources said Premier Oil was no longer in the process to buy Total's assets.


(Additional reporting by Bate Felix; Editing by David Evans and Edmund Blair)

Categories: Energy Offshore Energy Industry News Europe Oil Natural Gas

Related Stories

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

VARD Snags $125M Shipbuilding Deal for Subsea Construction Vessel

VARD Snags $125M Shipbuilding Deal for Subsea Construction Vessel

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

CIP Reaches Financial Close for Offshore Wind Farm in Taiwan

CIP Reaches Financial Close for Offshore Wind Farm in Taiwan

Argentina YPF to Shed Offshore Exploration Projects

China Unveils Plans for New Offshore Wind Farms to Tackle Carbon Emissions

China Unveils Plans for New Offshore Wind Farms to Tackle Carbon Emissions

Tokyo Gas Enters LNG Market in Philippines

Tokyo Gas Enters LNG Market in Philippines

Six New Gas Wells in Line for BP’s Shah Deniz Field in Caspian Sea

Six New Gas Wells in Line for BP’s Shah Deniz Field in Caspian Sea

Malaysia's Petronas Plans Job Cuts

Malaysia's Petronas Plans Job Cuts

Current News

The Future of Long-Idle Drillships: Cold-Stacked or Dead-Stacked?

TMC Books Compressors Orders for FPSO and LNG Vessels

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

photo

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com