Total sells stake in U.S. shale gas transport firm for up to $450 million

French oil major Total TOTF.PA has agreed to sell its 25 percent stake in Cardinal Gas Services, a gas transport company operating in Ohio’s Utica shale gas basin, to a group of Korean companies for up to $450 million 274.44 million pounds.South Korean gas seller E1 Corporation 017940.KS and a consortium led by Korea-based Samchully 004690.KS agreed to pay $400 million plus an estimated price adjustment of $50 million, Total said in a statement on Tuesday.”Total will remain an active participant in the Utica play through its upstream joint venture with Chesapeake and Enervest, and Cardinal will continue to provide to Total the same gas gathering and transportation services,” the group said.Earlier this week, Total said that it planned to sell $10 billion of assets from 2015 to 2017, having hit a target of $15-20 billion of sales in 2012 to 2014.

via Total sells stake in U.S. shale gas transport firm for up to $450 million | Reuters.

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