French oil and gas giant Total is believed to have put some of its non-operated North Sea assets up for sale.
It is thought the company is seeking buyers for three asset packages, including a 12.65% stake in Chevron’s Alba field, 12.43% interests in BP’s Mungo and Monan developments and a near-4% holding in BP’s Etap central processing facility.
Total’s working interests in BG Group’s Greater Armada area, which includes the Armada, Everest , Maria and Seymour fields, and a small equity stake in the Cats pipeline system are also said to be up for grabs.
Reports have said Total is already working with oil and gas merger and acquisitions specialist Scotia and Waterous to assess interest, with bids expected by October 27.
It is understood the sale involves combined proven and probable reserves totalling about 30million barrels of oil equivalent (boe), generating 11,000 boe per day, which some sources have said may fetch as much as £500million.
The sales would be a strong litmus test of the North Sea’s attractiveness in light of the UK Government’s £10billion oil and gas tax grab earlier this year.
Total Exploration and Production UK would not comment.