French oil major Total said it signed an agreement to sell the company’s wholly owned subsidiary Total E&P Deep Offshore Borneo BV—which holds an 86.95% interest in Block CA1, located 100 km off the coast of Brunei—to Shell for $300 million.
Total said the transaction fits its plan to dispose of $5 billion of non-core assets over the period 2019-2020.
The transaction is subject to approval by the competent authorities and is expected to close by December.
Block CA1 covers 5,850 sq km, with water depths ranging from 1,000 m to 2,500 m.
Total currently operates the block alongside partners Murphy Oil (8.05%) and Petronas (5%).
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