Following the completion of the sale, North Sea Midstream Partners will have an agreement with px … It has a strategy of expanding overseas and the North Sea is becoming a core area of focus.“However, even with this sale, Total remains one of the UK’s top producers in 2019, with production underpinned by Elgin-Franklin, Laggan-Tormore and Culzean.”“Petrogas specializes in mature, producing assets where it can leverage its subsurface expertise to increase production. Private equity fund HitecVision, and Oman's Petrogas will take over four fields and a share in six others. The field is expected to produce to 2030.The acquired stakes include operated and non-operated assets, which will produce 25,000 barrels of oil equivalent per day (boe/d) this year. The assets hold over 30 million barrels of oil equivalent in remaining reserves.The buyer, a new joint venture between the exploration and production arm of the Oman-based conglomerate MB Holding, Petrogas, and Norway-based private equity investor HitecVision, picks up an asset package located in the Eastern North Sea that was formerly owned by Maersk Oil. “This deal transforms its production profile, remaining reserves and value. 07/10/19: Total divests assets in the UK to Petrogas 06/10/19: UK: Total starts up production of the Culzean field 04/24/19: European businesses pledge action to deal with the urgent challenges of the 21st century 01/28/19: UK: Total announces a new discovery in the North Sea 09/24/18: Total announces major gas find offshore UK HitecVision's NEO Energy company has renegotiated the terms of the acquisition of Total's UK North Sea assets, first announced in July 2019. French oil giant Total has sold a portfolio of its North Sea assets in a $635m (£509m) deal. It also operates in Egypt, Denmark, and Germany.”For the other partner in Petrogas NEO, Stavanger-based HitecVision, which already has a presence in the UK upstream sector through its stake in Verus Petroleum and is active in Norway via its investment with Eni in Var Energi, the deal is its latest investment in the UK upstream sector via its NEO investment fund.Cassidy said, “The rationalization of Total’s UK portfolio was expected following its takeover of Maersk in 2017, and is part of Total’s corporate strategy to lower the production costs of its global portfolio.French oil major Total has sold its stakes in 10 UK offshore fields to Petrogas NEO for $635 million, as the majors continue to divest non-core assets to private equity-backed companies looking to expand their upstream footprint in the region.Cassidy said, “The combination of Petrogas and HitecVision in the UK is a promising sign for investment in the UK upstream sector.
Total revealed today it will sell off a number of Eastern North Sea assets in a deal worth more than £510 million. Since, it has contributed to reserves growth in a portfolio of mid-late life assets using its strong exploration background.Ross Cassidy, a senior research analyst on Wood Mackenzie’s North Sea team, said, “The key asset in the package is the CNOOC- operated Golden Eagle field, which accounts for over half of this year’s expected production and most of the remaining value. French oil giant Total is understood to be preparing for the sale of UK North Sea assets worth more than £1 billion.