Total has signed an agreement to sell wholly owned subsidiary Total E&P Deep Offshore Borneo BV - which holds an 86.95% interest in Block CA1, located 100 kilometers off the coast of Brunei - to Shell(1) for $300 million. The transaction is subject to approval by the competent authorities and is expected to close by December 2019.

Offshore Block CA1 location (Map source: Total)

“This transaction fits with our strategy of actively managing our portfolio and will contribute to our program to dispose of $5 billion of non-core assets over the period 2019-2020,” said Arnaud Breuillac, President Exploration & Production at Total.

Block CA1 covers 5,850 square kilometers, with water depths ranging from 1,000 to 2,500 meters. Total currently operates the block alongside partners Murphy Oil (8.05%) and Petronas (5%).

(1) Dordtsche Petroleum Maatschappij BV

Link to Brunei Shell Petroleum Brunei country profile