Exploration & Production

Total to sell UK North Sea assets in $1.5 bln deal

Total intends to divest one-third of its shares in the Laggan Tormore gas field in the UK North Sea.
By Staff reporter 10 July 2018 0 31682

France’s Total intends to divest one-third of its shares in the Laggan Tormore gas field in the UK North Sea as well as stakes in a number of other oil and gas assets in the region, Reuters reported on Tuesday.

The divestments could reach $1.5 billion.

Total’s sale of a 20% stake in Laggan Tormore will be managed by Bank of America Merrill Lynch.

Once completed, Total will retain a 40% stake in the field.