Total said it has signed an agreement to sell its Brunei unit, which holds an 86.95 per cent interest in offshore Brunei Block CA1 to Shell for US$300 million
“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 said about subsidiary Total E&P Deep Offshore Borneo BV.
Block CA1 covers 5,850 square kilometres, with water depths ranging from 1,000 to 2,500 meters. Total currently operates the block alongside partners Murphy Oil (8.05 per cent) and Petronas (5 per cent).
The transaction is subject to approval by the relevant authorities and is expected to close by December 2019.