Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Total Swaps North Sea Assets with Exxon

change text size
Total Swaps North Sea Assets with Exxon

French oil major Total announced Monday that it has agreed with ExxonMobil to swap interests in some of their respective assets on the Norwegian Continental Shelf.

Total said it is gaining a 4.7-percent interest from Exxon at its Oseberg field together with its interests in the PL029c license (100%) and the PL029b license (30%), which contain part of the Dagny field. Exxon will gain interests in Total's PL089 license (5.6%) and the Sygna (2.52%), Statfjord Øst (2.8%) and Snorre (6.18%) fields.

Oseberg is one of the largest oil and gas fields in the Norwegian North Sea, and includes a number of satellite fields currently under development. Dagny reserves are estimated by the Norwegian Petroleum Directorate (NPD) to be 205 million barrels of oil equivalent.

Following the assets exchange with ExxonMobil, Total's interest in the Oseberg field will increase from 10 percent to 14.7 percent and in the Dagny field from 6.54 percent to 39.54 percent.

Patrice de Viviès, Total's senior vice president for exploration and production in Northern Europe, commented in a statement that the exchange with Exxon allows Total to focus its efforts on fewer and larger assets.

In a separate announcement, Total announced it has started up its Atla gas condensate field in the Norwegian North Sea. The field has been brought into production after exploration drilling was completed two years ago.

Part of the PL102C license, the Atla field is expected to produce gas at an average flow rate of 14,000 barrels of oil equivalent per day in 2013. Total E&P Norge is the operator, with a 40-percent interest in the field, while Petoro, Centrica and Det Norske hold 30 percent, 20 percent and 10 percent respectively.

Commenting on the start-up of the Atla field, de Viviès said:

"The Atla discovery was made in October 2010, in the frame of our near-by exploration program. The fast track development was completed within budget and schedule and will have a very quick return. It is a good example of Total's expertise in maximizing value of mature assets by combining exploration and development forces."



A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Jon Mainwaring
European Editor | Rigzone.com
 -  UK Announces 14th Onshore Licensing Ro... (Jul 28)
 -  Statoil Cut 1,000 Jobs during 2Q (Jul 25)
 -  Q&A: GE's GirlsGetSET Initiative (Jul 24)
 -  Norwegian Seismic Survey Firms See Mix... (Jul 24)
 -  North Sea Super Puma Crash: Lessons Le... (Jul 23)
Most Popular Articles
From the Career Center
Jobs that may interest you
Manufacturing Manager Machine Shop
Expertise: Process Management
Location: Katy, TX
 
Industrial Engineer
Expertise: Mud Engineer / Drilling Fluids, Petroleum Engineering
Location: Houston, TX
 
Production Manager
Expertise: Mud Engineer / Drilling Fluids, Petroleum Engineering
Location: Houston, TX
 
search for more jobs