Total sells two Norwegian oilfields to Statoil

Baku. 27 November. REPORT.AZ/ French oil and gas major Total (TOTF.PA) has agreed to sell its stakes in two Norwegian oilfields to Statoil (STL.OL) for $ 1.45 billion.

Report informs, Statoil company has said. 

The Total company said Statoil will take over its 51 percent stake in the Martin Linge field and its 40 percent holding in the Garantiana discovery on the Norwegian Continental Shelf.

The deal, announced Thursday, will see Statoil's interest in the Martin Linge field rise to 70% from 19%. The North Sea field has estimated recoverable resources in excess of 300 million barrels of oil equivalent, with production expected to start in the first half of 2019 and run into the 2030's.