Total sell interest in Offshore Block CA1 Shell subsidiary

Total to sell interest in Offshore Block CA1 to Shell subsidiary

6:44 AM, 4th November 2019
Total logo

PARIS, FRANCE: Total has signed an agreement to sell wholly owned subsidiary Total E&P Deep Offshore Borneo BV — which holds an 86.95 percent interest in Block CA1, located 100 kilometers off the coast of Brunei — to Dordtsche Petroleum Maatschappij BV for $300 million.

Dordtsche Petroleum is a subsidiary of Royal Dutch Shell plc. The transaction is expected to close by December 2019.

Block CA1 covers 5,850 square kilometers, with water depths ranging from 1,000 to 2,500 meters. Total currently operates the block alongside partners Murphy Oil (8.05%) and Petronas (5%).

“This transaction fits with our strategy of actively managing our portfolio and will contribute to our program to dispose of $5 billion of non-core assets over the period 2019-2020,” said Arnaud Breuillac, President Exploration & Production at Total.

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