Total, Exxon Mobil swap North Sea assets off Norway
PARIS Oct 8 (Reuters) - France's Total and Exxon Mobil Corp have agreed to exchange interests in a range of assets on the Norwegian Continental Shelf, Total said in a statement on Monday.
The deal will see Total's interest in the Oseberg field - one of the largest oil and gas fields in the Norwegian North Sea and including a number of satellite fields under development - rise to 14.7 percent from 10 percent, the French oil major said.
Its holding in the Dagny field - whose reserves are estimated by the Norwegian Petroleum Directorate to be 205 million barrels - will rise to 39.54 percent from 6.54 percent, Total added.
Total will also pay a "minor cash compensation" to Exxon as part of the deal, which is expected to close before the end of the year.
"It has been a longstanding objective of Total to rationalise its portfolio in Norway and strengthen its interests in assets considered to have upside potential," said Patrice de Vivies, Total's senior vice president for exploration and production for Northern Europe.
"This exchange with ExxonMobil allows us to focus our efforts on fewer and larger assets." (Reporting by James Regan; Editing by Christian Plumb)