Total Is Going To Sell the Interest in the North Sea's Gas Pipeline

French energy company Total is seeking to sell its 25.7 percent stake in the UK north Sea's SEAL gas pipeline, industry insiders said.

The sale could raise about $200 million, one of the sources said. Total has held direct talks with several parties in recent weeks, the sources said. A spokesman for Total declined to comment.

SEAL, operated by Royal Dutch Shell, transports gas from the Silverwater and Elgin Franklin platforms to the Bacton gas terminal on the Norfolk coast.

Oil and gas prices plunged in the first half of the year as the virus spread and the outlook was uncertain, leading to a sharp slowdown in trading in the energy sector.

But pipelines and infrastructure remain attractive to investors because they tend to guarantee stable returns over the long term.

HitecVision, the private equity group, recently renegotiated its purchase of the North Sea oil field from Total.

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