Total Switches Norwegian Assets with ExxonMobil

French supermajor Total has announced today that it has switched a number of its assets on the Norwegian Continental Shelf (NCS) with fellow supermajor ExxonMobil.

Through the exchange of assets, Total will increase its interest in one of the NCS's largest oil and gas fields, the Oseburg field. Total will take ExxonMobil's 4.7 per cent stake in the Oseburg field, bringing its total stake in that field to 14.7 per cent. The company will also take ExxonMobil's 4.33 per cent stake in the Oseberg transportation system exchange.

Total will also receive a 100 per cent stake in the PL029c license and a 30 per cent stake in the PL029b license, which contain part of the Dagny field, a field which is estimated to have reserves of up to 205 million barrels of oil equivalent. These acquisitions will bring Total's stake in the Dagny field up from 6.54 per cent to 39.54 per cent.

As part of the deal, Total will hand over several of its own assets on the Norwegian Continental Shelf. These assets are a 5.6 per cent stake in the PL089 license, a 2.52 per cent stake in the Sygna field, a 2. 8 per cent stake in the Statfjord Øst field, and a 6.18 per cent stake in the Snorre field.

Total also said that ExxonMobil would pay a minor cash compensation for the exchange of the assets. The exact consideration amount was not disclosed.

Total said today that the exchange was part of its plan to focus on larger assets on the Norwegian Continental Shelf.

"It has been a longstanding objective of Total to rationalise its portfolio in Norway and strengthen its interests in assets considered to have upside potential," Senior VP for Exploration & Production for Northern Europe for Total, Patrice de Vivies, said today. "This exchange with ExxonMobil allows us to focus our efforts on fewer and larger assets."

The exchange of the assets is expected to be completed by the end of the year.