GDF SUEZ Sells Stake in Elgin-Franklin Fields to Total (UK)

GDF SUEZ has signed an agreement with Total for the disposal of its 10.4% indirect participation in the Elgin-Franklin gas and condensates fields.

This participation is held through a 22.5% shareholding in EFOG, a joint-venture between GDF SUEZ and Total E&P UK Ltd (77.5%, operator), which holds a 46.2% stake in the Elgin-Franklin fields located in the United Kingdom North Sea.

This agreement values GDF SUEZ stake in EFOG at €590 million.

The transaction is expected to be completed at the end of 2011.

[mappress]
LNG World News Staff, December 7, 2011; Image: Total