Total sell Tepma BV Sinochem

Total to sell Tepma BV to Sinochem

11:31 PM, 8th February 2012
Total to sell Tepma BV to Sinochem
Olivier de Langavant, Senior Vice President, Strategy Business Development R&D, Total.

PARIS, FRANCE: Total signed an agreement with Sinochem to sell Tepma BV, a fully owned affiliate of Total that holds a working interest in the Cusiana field as well as a participation in OAM and ODC pipelines in Colombia. Total share of production of Cusiana is around 7,000 barrels of oil equivalent per day. This sale follows a divestiture of a 5 per cent working interest in the Ocensa pipeline to Petrominerales and of another 5 per cent to Cepsa in July 2011. The combined value of the three transactions amounts to about $1 billion.

“Disposing of these mature assets and positions in transportation infrastructures is in line with our ongoing asset optimization strategy and follows similar recent divestments such as the Gassled pipelines in Norway and mature fields in Cameroon. For Colombia, it will allow us to focus our expertise on exploration assets with higher potential,” said Olivier de Langavant, Senior Vice President, Strategy Business Development R&D, Total.

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