Total Acquires Additional Stake in the Victoria Discovery
Total's subsidiary, Total E&P Norge, has signed a sale and purchase agreement with ExxonMobil Exploration and Production Norway to acquire their entire 30% interest in the PL211 license. This license, located in the Norwegian Sea 200 kilometers offshore in water depths of around 400 meters, holds the Victoria discovery. The acquisition is subject to the approval of the Norwegian authorities. It will raise Total's participation in the Victoria discovery to 50%.
Total E&P Norge plans to propose its candidature as operator to the other partners on the PL211 license, Statoil (30%) and Eni Norge (20%).
As part of this transaction Total will transfer to ExxonMobil 5% of the Tyrihans field (6.29% of the PL073 license). Following this transfer, Total's stake in the Tyrihans field will go from 26.51% to 21.51%.
Through this investment, Total aims at increasing the volume and lifespan of its hydrocarbon reserves in Norway and thus consolidating its position as leader and operator in this country.
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