Total to sell stake in Norway's Gassled joint venture

Eric Watkins
OGJ Oil Diplomacy Editor

LOS ANGELES, June 8 -- Total SA said it has agreed to sell its entire 6.4% stake in Gassled joint venture, the Norwegian Gas Transportation Network, and related entities to Silex Gas Norway AS, a unit of German insurer Allianz SE, for 4.64 billion kroner ($870 million).

"Ownership of Norwegian midstream gas transportation assets is no longer a core business, and so this sale constitutes part of the group's ongoing optimization of its portfolio,” said Patrice de Vivies, Total senior vice-president, exploration and production, northern Europe.

“Total remains fully committed to its long term presence in the exploration and production of oil and gas in Norway," de Vivies added.

Gassled, a JV formed in 2003, owns the integrated gas transportation grid and processing facilities on the Norwegian Continental Shelf. Gassled transports gas from the producing fields to consumers on the European continent and in the UK.

Earlier this week, Solveig Gas Norway AS, a holding company, agreed to buy a 24.1% direct and indirect stake in Gassled joint venture from Statoil ASA for $3.25 billion (OGJ Online, June 6, 2011).

Contact Eric Watkins at hippalus@yahoo.com.

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