Total offloads North Sea gas pipeline for GBP 585m

In an effort to offload non-core assets, French oil and gas giant Total SA is selling a gas pipeline and terminal in the North Sea to North Sea Midstream Partners for GBP 585m. Total announced earlier this year that it plans to offload $5.5bn worth of its non-performing assets as the oil industry continues its downward spiral. The company, which recently started operations at the Laggan-Tormore natural gas field, west of the Shetland Islands, is aiming to become the largest oil-and-gas-producing company in the UK by the end of 2015.

“The sale of these midstream transportation assets is another example of Total’s strategy of active portfolio management and strong potential to unlock value from a range of infrastructure assets,” the company’s chief financial officer, Patrick de La Chevardiere, said in a statement.