Total confirm sale of Gassled stake

Total have today confirmed the sale of their entire 6.4% stake in the Gassled joint venture. A subsidiary of Allianz, Silex Gas Norway AS has bought the assets for NOK […]

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By Tom Gibson

Total have today confirmed the sale of their entire 6.4% stake in the Gassled joint venture.

A subsidiary of Allianz, Silex Gas Norway AS has bought the assets for NOK 4.64 billion

(approximately US$ 870 million).

Gassled’s infrastructure assets comprise approximately 7,980km of natural gas pipelines and platforms, processing plants and terminals in Norway, Belgium, France, Germany and the UK.

Patrice de Vivies Senior Vice President Exploration & Production Northern Europe for Total said: “Ownership of Norwegian midstream gas transportation assets is no longer a core business, and so this sale constitutes part of the Group’s ongoing optimization of its portfolio.”

Norway is the largest contributor to the Group’s equity production, with an average of 310,000 barrels of oil equivalent per day in 2010.