Total has signed an agreement to sell wholly owned subsidiary Total E&P Deep Offshore Borneo BV – which holds an 86.95% interest in Block CA1, located 100 kilometres off the coast of Brunei – to Shell (Dordtsche Petroleum Maatschappij BV) for USD 300 million. The transaction is subject to approval by the competent authorities and is expected to close by December 2019.
“This transaction fits with our strategy of actively managing our portfolio and will contribute to our program to dispose of USD 5 billion of non-core assets over the period 2019-2020,” says Arnaud Breuillac, President Exploration & Production at Total.
Block CA1 covers 5,850 square kilometres, with water depths ranging from 1,000 to 2,500 metres. Total currently operates the block alongside partners Murphy Oil (8.05%) and Petronas (5%).