Total to buy North Sea fields from GDF Suez

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French oil company Total said Tuesday it was buying stakes in two British North Sea gas fields from GDF Suez for 590 million euros ($790 million).

The transaction will increase Total's stake in the Elgin and Franklin fields, which account for 7.0 percent of Britain's production, to 46.2 percent from 35.8 percent, the company said in a statement.

The transfer of the stake in the fields, which produce 140,000 barrels of oil equivalent per day, should be completed by the end of the year.

GDF Suez said the sale was part of its programme announced in March to sell 10 billion euros in assets by 2013.

© 2011 AFP

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