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Total said on Thursday that the sale of the company's non-core assets in the UK North Sea to NEO Energy contributed to its action plan in the current market environment
.
The sale announced in May was completed after obtaining regulatory approvals and a partnership agreement
, the company said in a statement.
Jean-Pierre Sbraire, Total's chief financial officer, added that the divestment "demonstrates our ability to relentlessly lower the break-even point
of our portfolio.
" ”
NEO Energy announced the completion of the transaction earlier this week, but neither company disclosed financial details of the revised transaction, which was announced in July 2019 for $635 million
.
The portfolio of operating and non-operating assets in the four producing regions of the British North Sea generated approximately 23,000 barrels of
oil equivalent per day in 2019.
The acquisition also adds NEO Energy's
reserves of approximately 51 million barrels of oil equivalent.
Total said on Thursday that the sale of the company's non-core assets in the UK North Sea to NEO Energy contributed to its action plan in the current market environment
.
The sale announced in May was completed after obtaining regulatory approvals and a partnership agreement
, the company said in a statement.
Jean-Pierre Sbraire, Total's chief financial officer, added that the divestment "demonstrates our ability to relentlessly lower the break-even point
of our portfolio.
" ”
NEO Energy announced the completion of the transaction earlier this week, but neither company disclosed financial details of the revised transaction, which was announced in July 2019 for $635 million
.
The portfolio of operating and non-operating assets in the four producing regions of the British North Sea generated approximately 23,000 barrels of
oil equivalent per day in 2019.
The acquisition also adds NEO Energy's
reserves of approximately 51 million barrels of oil equivalent.
