Total:Sells 10% Stake In Northern Lights Project To Sinopec

French oil major Total SA (TOT) said Wednesday its wholly-owned subsidiary Total E&P Canada Ltd. has sold a 10% interest in the Northern Lights Partnership, or NLP, to SinoCanada Petroleum Corporation, a subsidiary of China Petroleum & Chemical Corporation, or Sinopec.

As a consequence of the transaction announced today, NLP will be owned by Total Canada and SinoCanada, with 50% each.

SinoCanada acquired in May 2005 a 40% interest in NLP from Synenco Energy Inc.. Total Canada acquired the remaining 60% interest when it purchased Synenco Energy Inc. in 2008.

The Northern Lights Oil Sands Project is located approximately 100 kilometers northeast of Fort McMurray, Alberta.

Total is studying the development scheme of the NLP that will be developed through mining techniques, benefitting from the experience of the other developments that the Group is involved with in the area.

Total is strongly committed to this project, which is in line with the Group's strategy of developing nontraditional oil fields to provide important long term production capacities, the company said.

Company Web site: www.total.com