The acquisition of GDF Suez’s share in the two fields will increase Total’s share in these fields from 35.8% to 46.2%.
The fields, including West Franklin, produce an average of 140 000 barrels of oil equivalent per day.
Total is purchasing the stake in these field by acquiring a 22.5% interest in Elgin Franklin Oil & Gas Co (EFOG) from GDF Suez.
The company previously held 77.5% interest in EFOG and will become sole owner of EFOG.
The transfer of GDF Suez’s share in EFOG to Total is expected to be effective by the end of this year.
