22 C
Georgetown
Sunday, February 28, 2021

Total sells offshore block to Shell for $300 million

Must Read

Experts set to discuss Guyana’s gas to power project in OilNOW TV Sunday premiere

A panel discussion on Guyana’s planned gas to power project will premiere on OilNOW TV this evening as part...

Is the world heading for a shortfall in global oil supply?

By Dean Foreman, Chief Economist at American Petroleum Institute It’s possible we could be headed for a shortfall in global oil...

Suriname lines up new shore base port

(Caribbean Maritime) In 2020, amid the worldwide Covid-19-induced economic downturn, Suriname reached second place, only behind Russia, in terms...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

Total said on Wednesday it has signed an agreement to sell its wholly owned subsidiary Total E&P Deep Offshore Borneo BV — which holds an 86.95% interest in Block CA1, located 100 kilometers off the coast of Brunei — to Shell for $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 $5 billion of non-core assets over the period 2019-2020,” said Arnaud Breuillac, President Exploration & Production at Total.

Block CA1 covers 5,850 square kilometers, with water depths ranging from 1,000 to 2,500 meters. Total currently operates the block alongside partners Murphy Oil (8.05%) and Petronas (5%).

Latest News

Experts set to discuss Guyana’s gas to power project in OilNOW TV Sunday premiere

A panel discussion on Guyana’s planned gas to power project will premiere on OilNOW TV this evening as part...

Is the world heading for a shortfall in global oil supply?

By Dean Foreman, Chief Economist at American Petroleum Institute It’s possible we could be headed for a shortfall in global oil supply as soon as next...

Suriname lines up new shore base port

(Caribbean Maritime) In 2020, amid the worldwide Covid-19-induced economic downturn, Suriname reached second place, only behind Russia, in terms of discovered oil and gas...

Proposal to have 111 categories of service with high local content targets unrealistic – AMI Co-Director

If Brazil with a population of over 200 million people found it difficult to achieve high or progressive local content targets for 90 categories...

Will oil companies start spending again? Cash generation could hit record levels in 2021

By Simon Flowers - Chairman, Chief Analyst and author of The Edge at Wood Mackenzie This could be the year oil and gas roars back. Tom...

More Articles Like This