Total Sheds T&T Assets For $473M, Buys SA Offshore Stake

Law360, New York (September 30, 2013, 7:51 PM EDT) -- French energy giant Total SA announced Monday that it has sold all of its exploration and production assets in Trinidad & Tobago to the state-owned National Gas Co. of Trinidad and Tobago Ltd. for $473 million, continuing efforts to streamline its upstream portfolio.

Total shed its subsidiaries Total E&P Trinidad BV and Elf Exploration Trinidad BV, which held stakes in two offshore blocks, which include a portion of the Angostura oil and gas field. The company said it was reaping the equivalent of 15,000 barrels of...
To view the full article, register now.