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Hitec Vision, Oman's Petrogas buy Total's UK oil fields for $635m

Petrogas Neo UK, Omani company MB Holdings' exploration and production arm, has acquired the divested assets from Total

Total has divested its UK assets.
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Total has divested its UK assets.

Oman-based conglomerate MB Holding’s exploration and production arm, Petrogas Neo UK Ltd, has joined Norway-headquartered private equity investor Hitec Vision to purchase French oil and gas firm Total’s non-core assets in the Eastern North Sea through a $635m (OMR244.4m) deal.

The assets were owned by Maersk Oil before being acquired by Total in 2018, making the French firm the largest operator in the North Sea.

In a statement, Total said the transaction was expected to be closed by December 2019.

Speaking about divesting its UK assets, president of exploration and production at Total, Arnaud Breuilliac, said: “This transaction is consistent with our portfolio management strategy, aiming at lowering our break-even point by optimising capital allocation and divesting high technical costs assets.

“Our primary objective is to maintain the organic break-even before dividend below $30 per barrel and high-grading our portfolio will help us achieve this.”

Among the divested assets in North Sea are the Dumbarton, Balloch, Lochranza, Drumtochy, Flyndre, Affleck, Cawdor, Golden Eagle, Scott, and Telford oil fields.

In 2018, Total recorded the production of 179,000 barrels of oil equivalent per day in the UK.

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Construction Week - Issue 746
Jul 20, 2019