French oil major Total said it signed an agreement to sell the company’s wholly owned subsidiary Total E&P Deep Offshore Borneo BV—which holds an 86.95% interest in Block CA1, located 100 km off the coast of Brunei—to Shell for $300 million.
Total said the transaction fits its plan to dispose of $5 billion of non-core assets over the period 2019-2020.
The transaction is subject to approval by the competent authorities and is expected to close by December.
Block CA1 covers 5,850 sq km, with water depths ranging from 1,000 m to 2,500 m.
Total currently operates the block alongside partners Murphy Oil (8.05%) and Petronas (5%).
Recommended Reading
Aethon Cuts Rigs but Wants More Western Haynesville Acreage
2024-03-28 - Private gas E&P Aethon Energy has drilled some screamers in its far western Haynesville Shale play—and the company wants to do more in the area.
Energy Transition in Motion (Week of March 28, 2024)
2024-03-28 - Here is a look at some of this week’s renewable energy news, including proposals submitted to develop about 6.8 gigawatts of wind projects offshore Connecticut, Massachusetts and Rhode Island.
SLB to Acquire Majority Stake in Aker Carbon Capture
2024-03-28 - SLB and Aker Carbon Capture plan to combine their technology portfolios, expertise and operations platforms to bring carbon capture technologies to market faster and more economically, SLB said in a news release.
CERAWeek: Tecpetrol CEO Touts Argentina Conventional, Unconventional Potential
2024-03-28 - Tecpetrol CEO Ricardo Markous touted Argentina’s conventional and unconventional potential saying the country’s oil production would nearly double by 2030 while LNG exports would likely evolve over three phases.
DUG GAS+: Chesapeake in Drill-but-don’t-turn-on Mode
2024-03-28 - COO Josh Viets said Chesapeake is cutting costs and ready to take advantage once gas prices rebound.