French integrated energy company Total has entered into an agreement with Talisman Energy to purchase the shares of its Dutch subsidiary, Goal Petroleum for $480 million.

The agreement, effective January 1, 2008, is subject to all necessary approvals by the authorities in accordance with Dutch legislation.

The assets of Goal Petroleum, predominantly located in permits operated by Total, include 10.25% of the K4b/K5a license and 20.27% of the K5b license, both operated by Total E&P Nederland; and 8% of the E18a license, operated by German energy company Wintershall.

This acquisition is expected to increase Total E&P Nederland’s reserves and production portfolio by about 20%. It will enable Total E&P Nederland to increase production by 8,000 barrels of oil equivalent per day by 2011, with the new developments due to come on stream in the near future.

The acquisition is also expected to strengthen Total’s portfolio on the Dutch continental shelf, where the group will continue to optimize its exploration and production activities and maximize the recovery factor of its gas fields’ reserves and resources in a mature area.