Petrogas drops out of deal to buy Total's North Sea oilfields
20/05/2020 07:21
PARIS, May 20 (Reuters) - French oil major Total TOTF.PA
said on Wednesday that it had revised a previously agreed deal
to sell its British North Sea oilfields, which would result in
Oman's Petrogas pulling out of the transaction.
"Total today confirmed its commitment to completing the sale
of its UK North Sea non-core assets, first announced in July
2019," Total said in a statement.
"Reflecting recent significant market volatility, Total and
Norway-based private equity investor HitecVision have
successfully renegotiated the financial terms of the deal to
respond to the current environment – while Petrogas is no longer
part of the transaction," added Total.
(Reporting by Sudip Kar-Gupta, editing by Louise Heavens)
((sudip.kargupta@thomsonreuters.com; +33 1 49 49 53 84;))