Total acquires ExxonMobil's Italian upstream assets
Total has announced the acquisition of ExxonMobil's Italian upstream portfolio, including a 25% interest in Italy's second largest oil field, Tempa Rossa, which is currently under development. Our base case valuation of the portfolio is US$671 million, attributed completely to Tempa Rossa. No consideration has been disclosed. The acquisition consolidates Total's interest in the Tempa Rossa development, increasing its stake to 75%. The move will increase Total's exposure ...