TotalFinaElf Sells Non-Core Gulf of Mexico Assets

TotalFinaElf S.A. announces that its U.S. oil and gas exploration and production subsidiary TotalFinaElf E&P USA, Inc. has contracted to sell its interest in 13 non-core assets in the shallow water areas of the Gulf of Mexico.

TotalFinaElf's share of production from these 13 fields is currently around 4,500 barrels of oil equivalent per day; the company was the operator on only one of the fields. However, TotalFinaElf retains exploration rights for horizons below current production depths in two of these assets.

The sale of these properties is in accordance with the company's strategy in the Gulf of Mexico and Alaska of focusing exploration and production efforts on prospects with high reserve potential. In line with this strategy, TotalFinaElf, as operator, recently commenced production from the Aconcagua field in the Mississippi Canyon area of the Gulf of Mexico using the Canyon Express gas gathering system. In the same area, TotalFinaElf is currently developing the Matterhorn field. These two deepwater developments will significantly increase the company's production in the Gulf of Mexico.