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Hazloc Heaters
Hazloc Heaters

Total in talks to sell North Sea oil, gas assets to private firms

LONDON (Reuters) – French energy giant (TOTF.PA) is in advanced talks with Albion Energy and First Alpha Energy Capital, two privately owned firms, on the sale of some of its British North Sea assets, according to two industry sources.

In July, four banking sources told Reuters Total is set to sell a third of its stake in the Laggan Tormore gas field along with other oil and gas assets North Sea that could fetch a total of $1.5 billion.

Total and First Alpha had no immediate comment. Albion was not reachable for comment.

The process included stakes in a number of smaller fields Total acquired as part of the 2017 $4.95 billion deal to buy the oil and gas division of A.P. Moller-Maersk (MAERSKb.CO), the sources said in July.

Albion, linked to Heritage Oil founder Executive Tony Buckingham, is fully financed through a hedge fund, one of the sources said.

First Alpha, established in 2016 and private-equity backed, and has no assets so far, according to its website. Its founders include former BP (BP.L) and OMV (OMVV.VI) manager David Latin and its advisors former BG Chief Frank Chapman and former OMV CFO David Davies.

Total’s fields include Golden Eagle, in which Total has a 32 percent stake, as well as Dumbarton (30 percent), Bruce (43 percent) and Keith (25 percent).

One of the sources said Premier Oil (PMO.L) was no longer in the process to buy Total’s assets.

Reporting by Shadia Nasralla; editing by David Evans

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