Total has agreed to sell North Sea mid-stream assets for $906 million to North Sea mid-stream partners, due to the collapse of the oil prices, the company said in a written statement on Thursday.
The French giant has shares in UK's The Frigg UK Pipeline (FUKA), Shetland Island Regional Gas Export System (SIRGE) and the St. Fergus Gas Terminal.
The deal follows another sale by French giant, announced in July, of a 20 percent stake in deepwater project Laggan Tormore, one of the United Kingdom’s most prospective gasfields, to British power generator SSE.
Patrick de La Chevardiere, Chief Financial Officer of Total said, "The sale of these mid-stream transportation assets is another example of Total's strategy of active portfolio management and the strong potential to unlock value from a range of infrastructure assets."
“Transferring ownership to an entity specializing in mid-stream UK assets creates value for us and ensures a long and bright future for the facilities," Chevardiere added.
Total has been in the United Kingdom since 1962. Total Group is one of the country’s leading oil and gas operators, with equity production of 89,000 barrels of oil equivalent per day in 2014.
By Gokhan Yildiz
Anadolu Agency
gokhan.yildiz@aa.com.tr