Total announced the transfer to The National Gas Company of Trinidad &Tobago of all of its E&P assets in Trinidad through the sale of Total E&P Trinidad B.V and Elf Exploration Trinidad B.V.
These wholly owned subsidiaries hold a 30% working interest in Block 2(c) (which includes the producing Angostura field) and 8.5% in Block 3(a). Total’s share of production is around 15,000 barrels of oil equivalent per day (boe/d). The transaction is valued at 473 MUS$, effective as of 1/1/2012.
This transaction has already been approved by the relevant authorities and was closed on September 30, 2013.
“The sale of these assets is in line with the Group’s active portfolio management strategy. Our desire is to simplify the portfolio by divesting non strategic assets in countries where the production outlook is marginal to the Group,” said Olivier de Langavant, Senior Vice President Strategy Business Development R&D at Total’s Exploration and Production.
Following Cameroon, France and Columbia, Trinidad & Tobago is the fourth country in which Total has divested its Upstream producing assets to focus on other areas where the Group sees higher growth potential.
[mappress] LNG World News Staff, October 01, 2013