French power group GDF Suez plans to sell several of its gas assets in the British part of the North Sea to Italian Oil Company and use the money to cut its debt, a French newspaper reported on Thursday.
Les Echos, citing unidentified sources, said GDF would sell its 10.4 percent stake in gas fields of Elgin,Franklin and West Franklin to ENI, already a stakeholder in the gas fields.
A GDF Suez spokeswoman declined comment on the report.
GDF Suez had already said in August it was looking to sell its stake. It said at the time it could fetch about 600 million Euros ($844 million).
ENI’s stake in the gas fields would increase to 32.2 percent from 21.8 percent, Les Echos said. Elgin and Franklin represent about 7 percent of Britain’s gas and petrol production.
The divestiture is part of GDF Suez’s programme to divest as much as EUR10 billion worth of assets over three years, following its merger with International Power PLC.
The fields are operated by Total SA.
