Petrogas buying Total properties off UK
Petrogas NEO UK, a unit of MB Holding, has agreed to acquire properties in the eastern UK North Sea from Total in a deal valued at $635 million. Total acquired the fields in its $7.45-billion acquisition of Maersk Oil & Gas in 2017.
Petrogas NEO UK Ltd., a unit of MB Holding of Muscat, has agreed to acquire properties in the eastern UK North Sea from Total SA in a deal valued at $635 million.
Total acquired the fields, which it considers noncore, in its $7.45-billion acquisition of Maersk Oil & Gas in 2017 (OGJ Online, Aug. 21, 2017).
The interests Petrogas will acquire in fields operated by Total are 100% of Dumbarton, Balloch, Lochranza, and Drumtochty; 65.94% of Flyndre; 66.67% of Affleck; and 60.6% of Cawdor.
Other fields covered by the transaction are operated by CNOOC: Golden Eagle (31.56%), Scott (5.16%), and Telford (2.36%).
In partnership with Petrogas in the transaction is private equity investor HitecVision of Norway.