France's Total announced Monday that it is selling a 25-percent interest in the Tempa Rossa field, onshore southern Italy, to Mitsui E&P Italia.
Total will retain a 50-percent holding, as well as operatorship, of the concession, which is located in the Basilicata region. Shell holds the remaining 25 percent.
The Tempa Rossa field is scheduled to come on stream in early 2016, when it is expected to produce 50,000 barrels of oil per day at its peak, as well as 1.4 million cubic feet of gas per day, significantly boosting Italian oil production.
"We are very pleased with this transaction, which further strengthens the ties between Total and Mitsui," Olivier de Langavant, senior vice president for Strategy, Business, Development and R&D at Total, said in a company statement.
"It is another step toward achieving the asset disposal objectives announced by Total for the period 2012-2014."
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