The 10.4% interest in the fields is held through Elgin Franklin Oil & Gas (EFOG), originally a joint venture between Total and GDF Suez.
Under the terms of the deal announced on Tuesday, Total will assume GDF Suez’s 22.5% stake in EFOG, raising the oil major’s 77.5% stake of the former joint venture to full ownership.
EFOG holds a 46.2% interest in the Elgin and Franklin gas condensate fields.
