Scotland business

Total sells four North Sea oil fields and shares of six others

French oil giant Total has sold a portfolio of its North Sea assets in a $635m (£509m) deal.

Private equity fund HitecVision, and Oman's Petrogas will take over four fields and a share in six others.

The portfolio includes Total-operated fields Dumbarton, Balloch, Lochranza, Drumtochty, Flyndre, Affleck and Cawdor and minority stakes in CNOOC-operated Golden Eagle, Scott and Telford.

The fields will be owned by a subsidiary Petrogas NEO UK.

They are expected to produce 25,000 barrels of oil per day.

Petrogas NEO UK said it had an aspiration to grow production to more than 100,000 barrels per day over the next two to three years, through "both organic and inorganic growth".

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