PARIS – Total has signed an agreement to sell wholly owned subsidiary Total E&P Deep Offshore Borneo BV to Shell for $300 million.
The subsidiary holds an 86.95% interest in block CA1, 100 km (62 mi) offshore Brunei.
The transaction is subject to approval by the competent authorities and is expected to close by December 2019.
Arnaud Breuillac, president Exploration & Production at Total, said: “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.”
Block CA1 covers 5,850 sq km (2,259 sq mi), with water depths ranging from 1,000 to 2,500 m (3,280 to 8,202 ft).
Total currently operates the block alongside partners Murphy Oil (8.05%) and Petronas (5%).