BP buys Total Norway oil interests for $991 million

Oil major BP Plc will pay Total SA $991 million in cash for its French rival’s holdings in two oil fields in the Norwegian North Sea as it continues an acquisition spree and Total sheds non-core assets. The world’s third-largest Western oil major by market value has agreed to buy a 15.7 percent interest in Valhall and a 25 percent interest in Hod, both located in the southern part of the Norwegian continental shelf, the companies said on Tuesday.

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Source: Reuters