Total Looking to Sell Stake in North Sea Pipeline

Ron Bousso
Wednesday, July 15, 2020

French energy company Total is seeking to sell its 25.7% stake in the Shearwater Elgin Area Line (SEAL) natural gas pipeline in the British North Sea, industry sources said.

The sale could raise about $200 million, one of the sources said.

Total has engaged in direct discussions with several interested parties in recent weeks, the sources said.

A spokesman for Total declined to comment.

The SEAL pipeline, operated by Royal Dutch Shell, transports natural as from the Shearwater and Elgin Franklin platforms to the Bacton Gas Terminal on the Norfolk coast.

The recent collapse in oil and gas prices due to the coronavirus epidemic and the uncertain outlook have led to a sharp slowdown in dealmaking in the energy sector.

But energy pipelines and infrastructure remain attractive assets for investors as they often guarantee steady returns over long periods of time.

Private-equity group HitecVision recently renegotiated its deal to buy North Sea oilfields from Total.

(Reporting by Ron Bousso; Editing by Edmund Blair)

Categories: Energy Pipelines North Sea Activity Europe UKCS

Related Stories

Equinor Finds Oil and Gas in Norwegian Sea. Production Start-up Imminent

VIDEO: After Modest 2020, the Years 2021 and 2022 Could Be 'Pretty Good' for FPS Orders

Petrobras Confirms Luna as New CEO, Names New Division Heads

Current News

Ampelmann, C-Job Develop Motion-compensated Feeder Vessel for U.S. Offshore Wind Sector

ARL gets Grant to Develop Seismic Sensor for Flying Node AUV

Eneti Picks Shoreline Wind's Construction Simulation Software

Mozambique President Vows to Restore Peace in Gas-Rich Cabo Delgado

Subscribe for OE Digital E‑News