Total To Sell North Sea Midstream Assets For GBP 585 Mln - Quick Facts

(RTTNews) - French oil and gas giant Total SA (TTA.L, TTFNF, TOT) agreed Thursday to sell all of its interests in the FUKA and SIRGE gas pipelines and the St. Fergus Gas Terminal to North Sea Midstream Partners for 585 million British pounds or about $905 million, subject to the customary approvals.

The Frigg UK Pipeline (FUKA) is a 362-kilometer, 32" gas pipeline that was originally constructed in 1977. The Shetland Island Regional Gas Export System (SIRGE) is a 234-kilometer, 30" gas pipeline with a capacity of 665 Mmscf/d connecting the Shetland Gas Plant to the FUKA pipeline.

The St. Fergus Gas Terminal is a three-train processing plant with a capacity of 2,648 million cubic feet of gas per day (Mmscf/d), currently serving over 20 fields.

Following the completion of the sale, North Sea Midstream Partners will have an agreement with px Group for the operation and maintenance of the assets.