05 September 2017, Sweetcrude, Lagos — Total has divested its remaining 15 percent interest in the Gina Krog field in Norway.
According to a release by the company’s management on Tuesday, the Kuwait Foreign Petroleum Exploration Company (KUFPEC) snapped up the divestment share.
The management said the new deal will build 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 August 21, the Group’s position in the North Sea will be significantly strengthened.”
After completion of the sale, Total said it 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.