Total Closes Sale of Brunei Interest to Shell; Divests Assets in Liberia, Sierra Leone

   By Giulia Petroni

Total SA said Tuesday that it has closed the sale of its interest in offshore Brunei to Royal Dutch Shell PLC and that it would divest assets in Liberia and Sierra Leone to Conex Oil & Gas Holdings Ltd.

The French oil-and-gas major said it has received approval from authorities to complete the sale of its wholly owned subsidiary Total E&P Deep Offshore Borneo BV, which holds a 86.95% interest in Block CA1, to the British-Dutch oil company.

Total also said it has signed an agreement to sell its marketing and services business in Liberia and Sierra Leone--a network of 63 service stations, general trade fuel sales and petroleum products import and storage operations--to a regional player. The sale is expected to be completed in the second quarter of the year, it added.

The French oil-and-gas major said the divestments represent a global value of more than $400 million and are in line with its goal to divest $5 billion in the 2019-20 period.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

April 07, 2020 02:58 ET (06:58 GMT)

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