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Total sells Brunei block interest
Total is to sell its wholly owned subsidiary Total E&P Deep Offshore Borneo – which holds an 86.95% interest in offshore block CA1 – to Shell for $300mn.
‘This transaction fits with our strategy of actively managing our portfolio and will contribute to our programme to dispose of $5bn of non-core assets over the period 2019–2020,’ said Arnaud Breuillac, President Exploration & Production at Total.
Block CA1 covers 5,850 sq km, with water depths ranging from 1,000 to 2,500 metres. Total currently operates the block, alongside partners Murphy Oil (8.05%) and Petronas (5%).