Total Sells Stakes in Valhall, Hod Fields for $991MM

Total has agreed to sell its interests in the Valhall (15.72%) and Hod (25%) fields to BP. The transaction, amounting to US $991 million, is subject to the partners' consent and approval by relevant authorities in the upcoming weeks. The Valhall oil field is located on Blocks 2/8 and 2/11 in 230 feet (70 meters) of water, and is operated by BP. In 2009, the field reached an average equity production of about 8,000 barrels of oil equivalent per day. Hod is located on Block 2/11 in 236 feet (72 meters) of water and is also operated by BP. Commencing production in 1990, Hod reached an average equity production of approximately 1,000 boepd in 2009.

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