Total divests remaining 15% interest in Gina Krog field in Norway, sells to Kuwaiti company

9/4/2017
PARIS -- Total has signed an agreement to divest its remaining 15% interest in the Gina Krog field in Norway to Kuwait Foreign Petroleum Exploration Company (KUFPEC). This agreement builds on the 2016 transaction between Total and KUFPEC concerning Norwegian North Sea assets, which included a 15% interest in Gina Krog. The overall consideration for both deals will total $617 million. 
 
“We have decided to completely divest our interest in the Gina Krog project and focus on other opportunities in Norway, which remains a key country for Total,” commented Arnaud Breuillac, President, Exploration & Production, “This sale is in line with our objective to optimize the group’s allocation of capital by efficiently managing our portfolio of assets. With the recent acquisition of Maersk Oil & Gas, announced on Aug. 21, the group’s position in the North Sea will be significantly strengthened.” 
 
Upon completion of the sale, Total will no longer have an interest in the Gina Krog field, while KUFPEC will have a 30% stake alongside Statoil (58.7%, operator), PGNiG Upstream International (8%) and Aker BP (3.3%). The Gina Krog oil and gas field started production in June 2017.
 
Total Exploration & Production in Norway. Total has been present in Norway for more than 50 years and has played a major role in the development of a number of large fields on the Norwegian Continental Shelf. Total holds interests in 85 production licenses (including Gina Krog), 32 of which it operates. The affiliate Total E&P Norge AS, located in Stavanger, is one of the largest contributors to the Group’s equity production with 235,000 boed in 2016.

Related News ///

FROM THE ARCHIVE ///

Comments ///

comments powered by Disqus