Total to buy GDF Suez stake

Total, operator of the Elgin/Franklin fields in the British sector of the North Sea, yesterday announced it was buying GDF Suez’s share in the two fields for €590m (£507m). This participation is held through a 22.5 per cent interest in the company Elgin Franklin Oil & Gas (EFOG). By giving Total control of the whole of the capital of EFOG, of which it previously held 77.5 per cent, the acquisition increases its share in the Elgin/Franklin fields from 35.8 per cent to 46.2 per cent.