Related Articles
Forward article link
Share PDF with colleagues

Total sells UK midstream assets

After the sudden drop in oil prices last year, Total is cutting costs to raise funds

After the completion of the sale, Total will pay the new owner to transport its offshore production. Like its peers, Total is cutting costs, selling off what assets it can and generally retrenching in an effort to weather last year’s sudden drop in the oil price. This year it aims to raise $5bn from disposals. The Frigg gas field has been decommissioned but the 362-km, 32-in pipeline continues to deliver gas from over 20 fields to St Fergus, where Total’s three-train terminal has the capacity to process 2.648bn cf/day. SIRGE is a 234-km long, 30-in pipeline that will be able to deliver 656m cf/d from the Laggan-Tormore project which is due to start up soon. SIRGE runs from the Shetland gas

Also in this section
Saudi Arabia pushes ahead with IPO
22 March 2017
The state firm is making the right noises about its privatisation, but the clock is ticking and market fundamentals could still shift
An M&A lifeline in the North Sea
15 March 2017
Assets that cut tax bills could be a blessing for UKCS operators looking for a bargain
Depth, breadth and data
15 March 2017
Fresh from the merger with Baker Hughes, GE Oil & Gas boss tells Petroleum Economist about his firm's plans for digital analysis, cost-cutting and recovery