Shell Signs Agreement to Acquire Total E&P Deep Offshore Borneo B.V.

Source Press Release
Company Royal Dutch ShellTotal 
Tags Corporate Deals, Deals, Upstream Activities
Date October 30, 2019

Dordtsche Petroleum Maatschappij (Shell), a subsidiary of Royal Dutch Shell Plc, has signed an agreement with Total Holdings International B.V., effective January 1, 2019, for the acquisition of 100% shares in their wholly owned subsidiary, Total E&P Deep Offshore Borneo B.V. (TEPDOB), which holds 86.95% participating interest in CA1 Production Sharing Agreement (PSA), offshore Brunei for USD $300 mln. The transaction is subject to certain closing conditions and regulatory approvals and is targeted to complete end 2019.  

Upon completion of this acquisition Shell will have an 86.95% equity interest in CA1 PSA and will assume operatorship. The other partners in CA1 PSA are Murphy Oil Corporation with 8.05% and Petroliam Nasional Berhad (Petronas) with 5%.

Commenting on the deal, Managing Director for Shell Deepwater Borneo, Ivo Verstralen said, “This transaction is consistent with Shell’s deep water strategy to deliver competitive growth from a diverse international portfolio. We look forward to playing our part in a strong and established industry that is helping Brunei to meet its energy needs.”

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