Shell to Acquire Total's Upstream Assets in Brunei

Updated 1 year 7 months ago

Total has signed an agreement to sell its Borneo E&P subsidiary to Shell for $300 million. The subsidiary holds a 86.95% stake in Block CA1 and non-operated 37.5% interest in Block B4. The transaction is subject to approval by the competent authorities and is expected to close by Dec 2019. Block CA1 covers 5,850 sq km with water depths ranging from 1,000 to 2,500 m and is located 100 km off the coast of Brunei. Total currently operates the block alongside partners Murphy Oil (8.05%) and Petronas (5%).