Total has signed an agreement to divest several UK non-core assets to Petrogas NEO UK, the exploration and production arm of the Oman-based conglomerate MB Holding. Petrogas has also partnered with Norway-based private equity investor HitecVision.
Formerly owned by Maersk Oil, the assets are located in the eastern North Sea and include the Dumbarton, Balloch and Drumtochty fields, among others. The overall consideration for this deal amounts to $635 million, with an effective date of January 1, 2019. The transaction remains subject to approval and is expected to close in December 2019. Read more…
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