Categories: Oil & Auto

Total Divests its Remaining 15% Interest in Gina Krog Field in Norway to KUFPEC

The FINANCIAL — 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, according to Total.

“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 August 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 over fifty 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 barrels of oil equivalent per day in 2016.

 

The FINANCIAL

Share
Published by
The FINANCIAL

Recent Posts

Ukraine billionaire Ihor Kolomoisky targeted in new anti-corruption swoop

Ukraine has launched a fresh wave of anti-corruption raids on high-profile figures, including one of…

21 hours ago

Marburg vaccine shows promising results in first-in-human study

A newly published paper in The Lancet shows that an experimental vaccine against Marburg virus…

3 days ago

Maintenance Tips for Fire Extinguishers

How to maintenance fire extinguisher? Fire extinguishers are an important safety device in any home…

3 days ago

EBRD invests €218 million in the Georgian economy

The European Bank for Reconstruction and Development (EBRD) supported Georgia’s economy to the tune of…

3 days ago

Chinese DJI Drone Business is Blooming in Russo-Ukrainian War

Metinvest Group presented 100 DJI Mavic 3 drones to the Armed Forces of Ukraine (AFU),…

3 days ago

Second Bank Employee Admits Role in Fraud Conspiracy

PROVIDENCE –  Another former bank employee today admitted to a federal judge that she stole…

1 week ago