In the deal, Total has agreed to exchange its interests in the PL089 license (5.6%), the Sygna (2.52%), Statfjord Øst (2.8%) and Snorre (6.18%) fields with ExxonMobil.

In return, Total will receive 4.7% interest in the Oseberg field and 4.33 % interest in the Oseberg transportation system, along with interests in the PL029c license (100%) and the PL029b license (30%) from ExxonMobil. The PL029b license contain part of the Dagny field, the company said.

Total Exploration & Production for Northern Europe senior vice president Patrice de Vivies said, "It has been a longstanding objective of Total to rationalise its portfolio in Norway and strengthen its interests in assets considered to have upside potential. This exchange with ExxonMobil allows us to focus our efforts on fewer and larger assets."

Through the assets exchange with ExxonMobil, Total now has increased its interest in the Oseberg field from 10% to 14.7% and in the Dagny field from 6.54% to 39.54%.

Subject to the approval of the Norwegian authorities, the transaction is expected to close before the end of 2012.