Petrogas drops out of deal to buy Total’s North Sea oilfields

Disused drilling and shallow-water rigs at the Cromarty Firth, Scotland, Britain. EPA-EFE/Robert Perry

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French oil major Total said on Wednesday that it had revised a previously agreed deal to sell its British North Sea oilfields, which would result in Oman’s Petrogas pulling out of the transaction.

“Total today confirmed its commitment to completing the sale of its UK North Sea non-core assets, first announced in July 2019,” Total said in a statement.

“Reflecting recent significant market volatility, Total and Norway-based private equity investor HitecVision have successfully renegotiated the financial terms of the deal to respond to the current environment – while Petrogas is no longer part of the transaction,” added Total.

Via Reuters

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