Total divests 86.95% interest in CA1 Deepwater Offshore Block

Total has signed an agreement to sell wholly owned subsidiary Total E&P Deep Offshore Borneo BV — which holds an 86.95% interest in Block CA1, located 100 kilometers off the coast of Brunei — to Shell for $300 million. The transaction is subject to approval by the competent authorities and is expected to close by December 2019.

Block CA1 covers 5,850 square kilometers, with water depths ranging from 1,000 to 2,500 meters. Total currently operates the block alongside partners Murphy Oil (8.05%) and Petronas (5%).