Total and Exxon exchange interests

French oil major Total yesterday said it had exchanged interests with ExxonMobil in undeveloped North Sea assets. Total will swap its interests in four licences for several of Exxon’s interests, including an interest in the Oseberg field and the Dagny field. Total will also pay cash compensation to ExxonMobil. Following the asset exchange, Total’s stake in Oseberg, one of the largest oil and gas fields in the Norwegian North Sea, will increase from 10 per cent to 14.7 per cent.