Total divests UK assets to Petrogas
Total has signed a $635mn agreement to divest several UK non-core assets to Petrogas NEO UK, the exploration and production arm of the Oman-based conglomerate MB Holding. Petrogas has partnered with Norway-based private equity investor HitecVision.
Formerly owned by Maersk Oil, the assets are located in the eastern North Sea and include Dumbarton (100%), Balloch (100%), Lochranza (100%), Drumtochty (100%), Flyndre (65.94%), Affleck (66.67%), Cawdor (60.6%), Golden Eagle (31.56%), Scott (5.16%) and Telford (2.36%).
For more on North Sea investments, see the forthcoming August 2019 issue of Petroleum Review.