French oil giant Total SA (TOT, TTFNF.PK, TTA.L) reported the finalization of an agreement to sell a 25% shareholding in the Tempa Rossa field, situated in the Basilicata region of southern Italy, to Mitsui E&P Italia A S.r.l. The Group is retaining a 50% stake in the Gorgoglione concession and operatorship, while Shell is holding the remaining 25%. The transfer of interests would take effect once the Italian authorities have approved the transaction.
Commenting on the transaction, Olivier de Langavant, Senior Vice President, Strategy, Business, Development and R&D at Total Exploration & Production said: "It is another step toward achieving the asset disposal objectives announced by Total for the period 2012-2014."
The Tempa Rossa field is slated to come on stream in early 2016, producing 50,000 barrels of oil per day at plateau, together with 230,000 cubic meters of natural gas and 240 metric tons of LPG per day. Therefore, Italy's oil production would increase nearly 40%, according to the company.
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