BP Acquires Total's Interests In Norwegian North Sea Fields For US$991MM

To acquire interests in two Norwegian North Sea fields.

Beleaguered British oil giant BP Plc (NYSE: BP) plans to acquire interests in the Norwegian North Sea belonging to Total SA, Paris, (NYSE: TOT) for approximately US$991 million.

The acquisition includes a 15.72% interest in Vallhall Field and 25% interest in Hod Field. Valhall is approximately 177 miles off the Norwegian coast in a water depth of 230 feet. The field produced approximately 8,000 barrels of oil equivalent per day in 2009.

Hod is about eight miles south of Valhall; production in 2009 was about 1,000 barrels of oil per day.

Total says the interests are non-strategic and the sale is part of the ongoing optimization of its upstream assets.