Total acquires GDF Suez interest in Elgin/Franklin

Total reports it has purchased GDF Suez’s share of the Elgin and Franklin fields in the British sector of the North Sea.

Offshore staff

PARIS – Total reports it has purchased GDF Suez’s share of the Elgin and Franklin fields in the British sector of the North Sea. This effectively increases Total’s share in the two fields from 35.8% to 46.2%.

Earlier this year, Eni was set to acquire the GDF Suez interest in the Elgin Franklin Oil & Gas operation.

If the effective date of the transfer is before the end of this year, as expected, ownership of Elgin/Franklin will be Elgin Franklin Oil & Gas (100% Total) at 46.2%, Eni at 21.8%, BG at 14.1%, E.ON Ruhrgas with 5.2%, Esso Exploration & Production holding 4.4%, Chevron at 3.9%, Dyas with 2.2%, and the remaining 2.2% with Summit Petroleum.

Production from the combined fields currently averages 140,000 boe/d.

“These are high-pressure/high-temperature fields whose exploitation requires strong technological expertise,” said Patrice de Vivies, senior VP for Northern Europe. “They still offer important development potential; for example, the second phase of West Franklin was launched in 2010 and two new platforms are being built at the moment, with start-up planned in 2013 with a production capacity of 40,000 boe/d.”

12/06/2011

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