Total To Sell Stakes In Martin Linge Field, Garantiana Discovery To Statoil

(RTTNews) - French energy giant Total SA (TTA.L, TTFNF.PK, TOT) Monday said it would sell all of its interests in the Martin Linge field and Garantiana discovery on the Norwegian Continental Shelf to Statoil. The deal, with sale price of $1.45 billion, remains subject to final due diligence and approval from the relevant authorities.

The transaction also involves the transfer of relevant employees from Total to Statoil in compliance with the applicable legislation.

Arnaud Breuillac, President, Exploration & Production at Total, said, "In this context, given that Martin Linge is Total's only operated asset in Norway, there is limited scope to optimize operations, whereas with Statoil's leading operating position on the Norwegian Continental Shelf, Statoil is in a better position to optimize this asset for the benefit of all stakeholders. We are therefore satisfied with the agreement with Statoil, a long time trusted partner, which in addition, offers us a satisfactory value for this asset."