Total Sells 25% Interest in Italy's Tempa Rossa Field to Mitsui
PARIS -- March 18, 2013
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) today announces that it has finalized an
agreement to sell a 25% interest in the Tempa Rossa field, located in the
Basilicata region of southern Italy, to Mitsui E&P Italia A S.r.l. The Group
is retaining a 50% interest in the Gorgoglione concession and operatorship.
Shell holds the remaining 25%.
The transfer of interests will take effect after the Italian authorities have
approved the transaction.
“We are very pleased with this transaction, which further strengthens the ties
between Total and Mitsui," said Olivier de Langavant, Senior Vice President,
Strategy, Business, Development and R&D at Total Exploration & Production. “It
is another step toward achieving the asset disposal objectives announced by
Total for the period 2012-2014."
The Tempa Rossa field is scheduled to come on stream in early 2016, producing
50,000 barrels of oil per day at plateau, along with 230,000 cubic meters of
natural gas and 240metric tons of LPG per day. Italy’s oil production will
increase nearly 40% as a result.
The development represents an investment of €1.6 billion. Total awarded the
EPC contracts in 2012.
Total in Italy
Total is present across the oil value chain and in chemicals and photovoltaic
solar energy in Italy. Total E&P Italia SpA, the Group’s local exploration and
production affiliate, also has interests in five exploration licenses located
in the same region as the Tempa Rossa project.
Total’s main presence in the Marketing & Services sector is through TotalErg,
Italy’s number three petroleum product operator with a nearly 12% market
* * * * *
Total is one of the largest integrated oil and gas companies in the world,
with activities in more than 130countries. The Group is also a first rank
player in chemicals. Its 96,000employees put their expertise to work in every
part of the industry – exploration and production of oil and natural gas,
refining and marketing, new energies, trading, and chemicals. Total is working
to help satisfy the global demand for energy, both today and tomorrow.
Capital 5914832 865 euros
542 051 180 R.C.S. Nanterre
Tel. : (33) 1 47 44 58 53
Fax : (33) 1 47 44 58 24
Robert HAMMOND (U.S.)
Robert PERKINS (U.S.)
Tel. : (1) 713-483-5070
Fax: (1) 713-483-5629
Press spacebar to pause and continue. Press esc to stop.