Total, ExxonMobil in Norway asset swap

Total (NYSE : TOT Paris : FP FP) has agreed to exchange of interests with ExxonMobil (NYSE:XOM) covering various producing and undeveloped assets offshore Norway.

Offshore staff

PARIS, France -- Total (NYSE : TOT Paris : FP FP) has agreed to exchange of interests with ExxonMobil (NYSE:XOM) covering various producing and undeveloped assets offshore Norway.

The company will offer ExxonMobil its stakes in the PL089 license (5.6%) and the Sygna (2.52%), Statfjord Øst (2.8%) and Snorre (6.18%) fields.

In return, it will take ExxonMobil’s 4.7% interest in the Oseberg field in the North Sea and a 4.33 % interest in the Oseberg transportation system, along with interests in the PL029c license (100%) and the PL029b license (30%), containing part of the Dagny field. Additionally, Total will pay a cash consideration to ExxonMobil.

At Oseberg, numerous satellite fields are under development. Dagny holds estimated reserves of 205 MMboe, with a Final Investment Decision (FID) on the field development due before year-end.

Following the swap, Total will have a 14.7% stake in the Oseberg field and 39.54% in Dagny. All deals are subject to approval from the Norwegian authorities.

Patrice de Vivies, Total’s senior vp Exploration & Production for Northern Europe, said: “This exchange with ExxonMobil allows us to focus our efforts on fewer and larger assets.“

10/8/2012

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