Total Seeks Buyers for Stake in North Sea Gas Pipeline — Sources
LONDON (Reuters) — 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 gas 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 deal-making 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.
Related News
Related News
- Williams' $1 Billion Gas Pipeline Blocked by U.S. Appeals Court, Derailing Five-State Project
- Texas Waha Hub Gas Prices Plunge to Record Lows, Hit Negative Territory
- Williams Begins Louisiana Pipeline Construction Despite Ongoing Legal Dispute with Energy Transfer
- U.S. Buys Nearly 5 Million Barrels of Oil for Emergency Stockpile
- U.S. Appeals Court Strikes Down Controversial Biden Pipeline Safety Rules
- Report: Houston Region Poised to Become a Global Clean Hydrogen Hub
- Exxon Mobil to Start Gas Reserve Seismic Surveys in Greece
- LaPorte, Texas, Issues Shelter in Place After Altivia Plant Leaks Toxic Gas
- Texas Startup Endeavors Again to Build First Major U.S. Oil Refinery Since 1977
- Second Gas Pipeline Rupture in Texas’ Reeves County Raises Environmental Concerns
Comments