BP acquires Total's share in the Norwegian Valhall and Hod fields; Hess pre-empts for a 50% share of the deal
BP has announced the acquisition of Total's stake in the Valhall (15.7%) and Hod (25%) fields for a consideration of US$991 million. Both fields are currently operated by BP; through the deal, the company will increase its interests to 43.8% and 50% respectively. Valhall - the key asset in the deal - is a large oil and associated gas field, located in the southern part of the Norwegian North Sea. This mature asset is currently in the latter stages of a major redevelopment project ...