BP To Shell Out $991M For Total Oil Field Interests

Law360, New York (April 27, 2010, 2:04 PM EDT) -- U.K.-based BP PLC has agreed to pay $991 million to scoop up interests in two oil fields in the Norwegian North Sea from French energy provider Total SA.

BP will buy a nearly 16 percent interest in the Valhall field and a 25 percent interest in the Hod field, Total announced Tuesday, though the deal is still subject to approval by regulators.

The Valhall field was discovered in 1975 and started production in 1982, reaching an average equity production of about 8,000 barrels of oil equivalent...
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