Total has just entered into an agreement with Talisman Energy to purchase the shares of its Dutch subsidiary, Goal Petroleum (Netherlands) B.V. (Goal), for $480 million (excluding working capital).
The agreement, effective January 1, 2008, is subject to all necessary approvals by the authorities in accordance with Dutch legislation.
The assets of Goal, predominantly located in permits operated by Total, include 10.25% of the K4b/K5a license and 20.273% of the K5b licence, both operated by Total E&P Nederland B.V., and 8% of the E18a license, operated by Wintershall.
This acquisition will increase Total E&P Nederland's reserves and production portfolio by about 20%. It will enable Total E&P Nederland to increase production by 8,000 barrels of oil equivalent per day by 2011, thanks to new developments due to come on stream in the near future.
The acquisition will strengthen Total's portfolio on the Dutch Continental Shelf, where the Group will continue to optimize its exploration and production activities and maximize the recovery factor of its gas fields' reserves and resources in a mature area.
Total Exploration & Production in the Netherlands
Total has been involved in the exploration and production of natural gas in the Netherlands and the North Sea Continental Shelf since 1964. Its operated production is about 100,000 barrels of oil equivalent per day, while its own production share amounts to 44,000 barrels of oil equivalent per day, due to various partnerships in joint ventures.
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