Saturday, 20 April 2019

Total seeks exit from Dutch upstream with gas fields sale

LONDON: Total has launched the sale of its offshore gas fields in the Netherlands, a move that would mark the French energy giant’s exit from Dutch upstream production after 55 years, industry and banking sources said.

The Paris-based company hired investment bank Jefferies in December to run the process that could raise $300 to $400 million, according to the sources.

Total had no immediate comment and Jefferies declined to comment.

Total’s platforms in the Netherlands are nearing the end of their life after gas reserves have dwindled in recent decades.

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