Total, ExxonMobil swap Norwegian stakes

Stake switch: Total hikes Oseberg share to 14.7% in eight-part asset exchange

French oil major Total and US supermajor ExxonMobil have exchanged minority stakes in eight different projects off Norway.

Total’s Patrice de Vivies said the company made the swap to “focus our efforts on fewer and larger assets”.

The Paris-based outfit is paying a “minor cash compensation” for the switch, in which it will get: a 4.7% interest in the Oseberg field; a 4.33% stake in the Oseberg transportation system; a 100% interest in the PL029c license; and a 30% interest the PL029b license (30%).

As well as the payment, ExxonMobil is gaining minority stakes in the PL089 license (5.6%) and the Sygna (2.52%), Statfjord Ost (2.8%) and Snorre (6.18%) fields.

The exchange means Total will have a 14.7% slice of the Oseberg field, and a 39.54% stake in Dagny, both of which are operated by Statoil.

As Upstream first reported in June, ExxonMobil has been looking to exit Dagny, purportedly over unhappiness regarding the economics of the development.

Monday's exchange is expected to close before the end of the year subject to regulatory approval.

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