Total and Shell have closed the sale of Total’s subsidiary Total E&P Deep Offshore Borneo BV, which holds an 86.95 percent interest in Block CA1, which is located off the coast of Brunei in Southeast Asia.
Block CA1 covers 2,258 square miles, with water depths ranging from 3,280 feet to 8,202 feet. Total was the operator of the block, alongside partners Murphy Oil and Petronas, who hold 8.05 percent and 5 percent stakes, respectively.
Financial terms were not disclosed, but Total previously agreed to a $300 million sale price, according to an October 2019 article published in Rigzone.
Total said the sale is part of an objective to divest $5 billion in 2019 and 2020.
