Total Sells Mitsui 25% Stake In $2B Italian Oil Project

Law360, Los Angeles (March 18, 2013, 9:02 PM EDT) -- French oil and gas giant Total SA will sell Japanese trading firm Mitsui & Co. Ltd. a 25 percent stake in Tempa Rossa — a $2 billion Italian project that is considered to be the largest proved and undeveloped onshore oil field in Western Europe — the companies announced Monday.

The vast field is expected to begin work in early 2016 and produce 50,000 barrels of crude oil, 8.1 million cubic feet of natural gas and 240 metric tons of liquefied petroleum gas per day, the companies...
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