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From oil and gas exploration to shipping crude oil, Total engages in all aspects of the petroleum industry.
Total, Exxon to Swap AssetsBy: Zacks Equity ResearchOctober 09, 2012French integrated oil and gas company Total S.A. (TOT) has entered into an exchange deal with U.S. supermajor ExxonMobil Corporation (XOM) for a range of assets on the Norwegian Continental Shelf. Per the agreement terms, Total will receive a 4.7% stake in the Oseberg field, 4.33 % stake in the Oseberg transportation system, 100% interest in the PL029c license and 30% interest in PL029b license. The PL029b license comprises a part of the Dagny field. In exchange, ExxonMobil will get a 5.6% interest in the PL089 license, 2.52% stake in Sygna, 2.8 % share in Statfjord Ost and 6.18% stake in Snorre fields. Total’s interest will increase to 14.7% from 10% in the Oseberg field, which is one of the largest oil and gas fields in the Norwegian North Sea and includes a number of satellite fields under development. Also, its holding in the Dagny field will increase to 39.54% from 6.54%. Reserves at this field are estimated to be around 205 million barrels by the Norwegian Petroleum Directorate. The deal is expected to close by the end of this year and is subject to approval of the Norwegian authorities. It also involves small cash compensation to ExxonMobil by Total. Management at Total opines that this deal will allow them to focus on fewer but bigger assets. Separately, Total also announced the start of operations at the Atla gas condensate field in the Norwegian North Sea. Production at the field began two years after exploration drilling was completed. France-based Total is one of the largest publicly traded, globally integrated oil and gas companies based on production volumes, proved reserves and market capitalization. The company has exploration and production operations spanning five continents. Total carries a Zacks #2 Rank, which is equivalent to a Buy rating for a period of one to three months.http://register.zacks.com/ucd/step1.php?ALERT=FOOL_ZER&d_alert=ZER_CONF&t=tot&ADID=FOOL_ZERFEED
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