Total Swaps North Sea Assets with Exxon

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."


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